<SEC-DOCUMENT>0001213900-25-097488.txt : 20251008
<SEC-HEADER>0001213900-25-097488.hdr.sgml : 20251008
<ACCEPTANCE-DATETIME>20251008171836
ACCESSION NUMBER:		0001213900-25-097488
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20251007
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20251008
DATE AS OF CHANGE:		20251008

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			21Shares Ethereum ETF
		CENTRAL INDEX KEY:			0001992508
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-42151
		FILM NUMBER:		251383138

	BUSINESS ADDRESS:	
		STREET 1:		477 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		(646) 370-6016

	MAIL ADDRESS:	
		STREET 1:		477 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	21Shares Core Ethereum ETF
		DATE OF NAME CHANGE:	20240531

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ark 21Shares Ethereum ETF
		DATE OF NAME CHANGE:	20230906
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed Since
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 34.95pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (&#167; 240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 1.01 Entry into a Material Definitive Agreement.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Staking Services Agreement</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 7, 2025, 21Shares Ethereum ETF
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Services Provider&#8221;). Pursuant to the Staking Services Agreement, Coinbase Crypto will provide 21Shares US LLC, the sponsor of
the Trust (the &#8220;Sponsor&#8221;), with certain services, including the following services, on any network protocol and/or
blockchain that is supported by Coinbase Custody Trust Company, LLC: (i) staking, validating, generating or approving blocks of
transactions to be added to a particular blockchain, helping to secure the network or otherwise engaging with or participating on
the supported network; (ii) support for eligible changes, improvements, extensions or other new versions thereof on the network; and
(iii) development, upgrades, migration, integration, testing, conversion, monitoring, maintenance, consulting, or other services and
deliverables. The Staking Services Agreement with Coinbase Crypto has an initial term of two years, which automatically renews for
successive twelve-month periods until terminated in accordance with its terms.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Amendment to the Sponsor Agreement </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 8, 2025, the Trust entered into
an Amendment to the Sponsor Agreement, by and between the Trust and the Sponsor (the &#8220;Amendment to the Sponsor
Agreement&#8221;), to allow for staking of the Trust&#8217;s ether. The Amendment to the Sponsor Agreement provides that the portion
of the consideration paid to the Sponsor for arranging for the staking of the Trust&#8217;s ether (the &#8220;Staking
Consideration&#8221;), will be comprised of an aggregate of 25% of the gross Staking Consideration generated from staking. Of this
amount, the Sponsor will pay the Staking Services Provider for their services under the Staking Services Agreement and the
Trust&#8217;s ether custodians in connection with staking activities. The Trust will receive and retain the remainder of the gross
Staking Consideration.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing descriptions of the Staking Services
Agreement and the Amendment to the Sponsor Agreement are summaries, do not purport to be complete descriptions of the Staking Services
Agreement or the Amendment to the Sponsor Agreement, and are qualified in their entirety by reference to the full text of the Staking
Services Agreement and the Amendment to the Sponsor Agreement, copies of which are filed as Exhibits 10.1 and 10.2 hereto, respectively,
and are incorporated by reference herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 5.03&#160;Amendments to Articles of Incorporation or Bylaws;
Change in Fiscal Year.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 8, 2025, the Sponsor and CSC Delaware
Trust Company, the Trustee of the Trust, entered into a Third Amended and Restated Trust Agreement (the &#8220;Trust Agreement&#8221;)
to allow for staking of the Trust&#8217;s ether. A copy of the Trust Agreement is filed as Exhibit 3.1 hereto and is incorporated by reference
herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 8.01 Other Events.</b></p>

<p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sponsor Fee Waiver</i></b></p>

<p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 8, 2025, the Sponsor
agreed to voluntarily waive the fee it receives from the Trust as compensation for the Sponsor&#8217;s services rendered to the
Trust for a period of one year beginning on October 9, 2025 and ending on October 8, 2026.</p>

<p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Press Release</i></b></p>

<p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">On October 8, 2025, the Trust issued a press release, attached hereto as Exhibit 99.1, announcing the commencement
of staking activities.</p>

<p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 9.01 Financial Statements and Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 9%">3.1</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 90%"><a href="ea026051901ex3-1_21shares.htm">Third Amended and Restated Trust Agreement, dated as of October 8, 2025.</a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>8.1</td>
    <td>&#160;</td>
    <td><a href="ea026051901ex8-1_21shares.htm">Legal Opinion of Dechert LLP.</a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>10.1</td>
    <td>&#160;</td>
    <td><a href="ea026051901ex10-1_21shares.htm">Master Infrastructure-As-A-Service Agreement, effective as of October 7, 2025, by and between Coinbase Crypto and the Trust.</a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>10.2</td>
    <td>&#160;</td>
    <td><a href="ea026051901ex10-2_21shares.htm">Amendment to the Sponsor Agreement, dated as of October 8, 2025.</a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>23.1</td>
    <td>&#160;</td>
    <td><a href="ea026051901ex8-1_21shares.htm">Consent of Dechert LLP (included in Exhibit 8.1).</a></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td>99.1</td>
    <td>&#160;</td>
    <td><a href="ea026051901ex99-1_21shares.htm">Press Release.</a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>104</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">Cover Page Interactive Data File (embedded within the Inline XBRL document).</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>Dated: October 8, 2025</td>
    <td colspan="2"><b>21SHARES ETHEREUM ETF</b></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2"><i>21Shares US LLC, as Sponsor of 21Shares Ethereum ETF</i></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 60%">&#160;</td>
    <td style="width: 5%">By:</td>
    <td style="border-bottom: black 1.5pt solid; width: 35%">/s/ Duncan Moir</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>Name </td>
    <td>Duncan Moir</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>Title:</td>
    <td>President </td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>



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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>ea026051901ex3-1_21shares.htm
<DESCRIPTION>THIRD AMENDED AND RESTATED TRUST AGREEMENT, DATED AS OF OCTOBER 8, 2025
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit 3.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">THIRD AMENDED AND RESTATED
TRUST AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">OF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">21SHARES ETHEREUM ETF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Dated as of October 8, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">By and Among</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">21SHARES US LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">CSC DELAWARE TRUST COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">THE SHAREHOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">FROM TIME TO TIME HEREUNDER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE I DEFINITIONS; THE TRUST </TD>
    <TD STYLE="text-align: center">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in; width: 15%">&nbsp;</TD>
    <TD STYLE="width: 76%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 1.1</TD>
    <TD>Definitions</TD>
    <TD STYLE="text-align: center">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 1.2</TD>
    <TD>Name</TD>
    <TD STYLE="text-align: center">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 1.3</TD>
    <TD>Delaware Trustee; Offices.</TD>
    <TD STYLE="text-align: center">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 1.4</TD>
    <TD>Declaration of Trust.</TD>
    <TD STYLE="text-align: center">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 1.5</TD>
    <TD>Purposes and Powers.</TD>
    <TD STYLE="text-align: center">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 1.6</TD>
    <TD>Assets of the Trust</TD>
    <TD STYLE="text-align: center">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 1.7</TD>
    <TD>Tax Treatment.</TD>
    <TD STYLE="text-align: center">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 1.8</TD>
    <TD>Legal Title.</TD>
    <TD STYLE="text-align: center">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 1.9</TD>
    <TD>Assets of the Trust.</TD>
    <TD STYLE="text-align: center">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 1.10</TD>
    <TD>Liabilities of the Trust.</TD>
    <TD STYLE="text-align: center">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 1.11</TD>
    <TD>General Prohibitions.</TD>
    <TD STYLE="text-align: center">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE II SHARES; CAPITAL CONTRIBUTIONS </TD>
    <TD STYLE="text-align: center">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 2.1</TD>
    <TD>General</TD>
    <TD STYLE="text-align: center">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 2.2</TD>
    <TD>Book-Entry-Only System</TD>
    <TD STYLE="text-align: center">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 2.3</TD>
    <TD>Distributions.</TD>
    <TD STYLE="text-align: center">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 2.4</TD>
    <TD>Voting Rights.</TD>
    <TD STYLE="text-align: center">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 2.5</TD>
    <TD>Equality.</TD>
    <TD STYLE="text-align: center">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE III CREATIONS AND REDEMPTIONS </TD>
    <TD STYLE="text-align: center">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 3.1</TD>
    <TD>Procedures for Creation and Issuance of Creation Baskets.</TD>
    <TD STYLE="text-align: center">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 3.2</TD>
    <TD>Alternate Procedures.</TD>
    <TD STYLE="text-align: center">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 3.3</TD>
    <TD>Redemption of Redemption Baskets.</TD>
    <TD STYLE="text-align: center">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 3.4</TD>
    <TD>Other Redemption Procedures.</TD>
    <TD STYLE="text-align: center">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE IV TRANSFERS OF SHARES </TD>
    <TD STYLE="text-align: center">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 4.1</TD>
    <TD>Transfer of Shares</TD>
    <TD STYLE="text-align: center">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE V THE TRUSTEE </TD>
    <TD STYLE="text-align: center">16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 5.1</TD>
    <TD>Term; Resignation; Removal; Successor Trustee.</TD>
    <TD STYLE="text-align: center">16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 5.2</TD>
    <TD>Powers.</TD>
    <TD STYLE="text-align: center">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 5.3</TD>
    <TD>Compensation and Expenses of the Trustee.</TD>
    <TD STYLE="text-align: center">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 5.4</TD>
    <TD>Indemnification.</TD>
    <TD STYLE="text-align: center">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 5.5</TD>
    <TD>Successor Trustee</TD>
    <TD STYLE="text-align: center">19</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 5.6</TD>
    <TD>Liability of Trustee</TD>
    <TD STYLE="text-align: center">19</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; width: 15%">SECTION 5.7</TD>
    <TD STYLE="width: 76%">Reliance; Advice of Counsel</TD>
    <TD STYLE="text-align: center; width: 9%">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 5.8</TD>
    <TD>Payments to the Trustee</TD>
    <TD STYLE="text-align: center">22</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE VI THE SPONSOR </TD>
    <TD STYLE="text-align: center">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in; width: 15%">&nbsp;</TD>
    <TD STYLE="width: 76%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 6.1</TD>
    <TD>Management of the Trust.</TD>
    <TD STYLE="text-align: center">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 6.2</TD>
    <TD>Authority of Sponsor.</TD>
    <TD STYLE="text-align: center">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 6.3</TD>
    <TD>Obligations of the Sponsor.</TD>
    <TD STYLE="text-align: center">26</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 6.4</TD>
    <TD>Liability of Covered Persons.</TD>
    <TD STYLE="text-align: center">27</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 6.5</TD>
    <TD>Fiduciary Duty.</TD>
    <TD STYLE="text-align: center">28</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 6.6</TD>
    <TD>Indemnification of the Sponsor.</TD>
    <TD STYLE="text-align: center">29</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 6.7</TD>
    <TD>Expenses and Limitations Thereon.</TD>
    <TD STYLE="text-align: center">30</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 6.8</TD>
    <TD>Voluntary Withdrawal of the Sponsor.</TD>
    <TD STYLE="text-align: center">32</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 6.9</TD>
    <TD>Litigation.</TD>
    <TD STYLE="text-align: center">32</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 6.10</TD>
    <TD>Ownership of Sponsor; Insolvency of Sponsor.</TD>
    <TD STYLE="text-align: center">32</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE VII SHAREHOLDERS </TD>
    <TD STYLE="text-align: center">33</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 7.1</TD>
    <TD>No Management or Control by Shareholders; Limited Liability; Exercise of Rights through a Authorized Participant.</TD>
    <TD STYLE="text-align: center">33</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 7.2</TD>
    <TD>Rights and Duties.</TD>
    <TD STYLE="text-align: center">33</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 7.3</TD>
    <TD>Limitation of Liability.</TD>
    <TD STYLE="text-align: center">34</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 7.4</TD>
    <TD>Derivative Actions.</TD>
    <TD STYLE="text-align: center">34</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 7.5</TD>
    <TD>Appointment of Agents.</TD>
    <TD STYLE="text-align: center">35</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 7.6</TD>
    <TD>Business of Shareholders.</TD>
    <TD STYLE="text-align: center">36</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 7.7</TD>
    <TD>Authorization of Offering Materials.</TD>
    <TD STYLE="text-align: center">36</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE VIII BOOKS OF ACCOUNT AND REPORTS </TD>
    <TD STYLE="text-align: center">36</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 8.1</TD>
    <TD>Books of Account.</TD>
    <TD STYLE="text-align: center">36</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 8.2</TD>
    <TD>Quarterly Updates, Annual Updates and Account Statements.</TD>
    <TD STYLE="text-align: center">36</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 8.3</TD>
    <TD>Tax Information.</TD>
    <TD STYLE="text-align: center">37</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 8.4</TD>
    <TD>Calculation of NAV and NAV per Share.</TD>
    <TD STYLE="text-align: center">37</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 8.5</TD>
    <TD>Calculation of Principal Market NAV and Principal Market NAV per Share.</TD>
    <TD STYLE="text-align: center">37</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 8.6</TD>
    <TD>Maintenance of Records.</TD>
    <TD STYLE="text-align: center">38</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ARTICLE IX FISCAL YEAR</P>

 </TD>
    <TD STYLE="text-align: center">38</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in; width: 15%">&nbsp;</TD>
    <TD STYLE="width: 76%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 9.1</TD>
    <TD>Fiscal Year.</TD>
    <TD STYLE="text-align: center">38</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE X AMENDMENT OF TRUST AGREEMENT; MEETINGS </TD>
    <TD STYLE="text-align: center">38</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 10.1</TD>
    <TD>Amendments to the Trust Agreement.</TD>
    <TD STYLE="text-align: center">38</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 10.2</TD>
    <TD>Meetings of the Trust.</TD>
    <TD STYLE="text-align: center">39</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 10.3</TD>
    <TD>Action Without a Meeting.</TD>
    <TD STYLE="text-align: center">39</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE XI TERM </TD>
    <TD STYLE="text-align: center">40</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 11.1</TD>
    <TD>Term.</TD>
    <TD STYLE="text-align: center">40</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE XII TERMINATION </TD>
    <TD STYLE="text-align: center">40</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 12.1</TD>
    <TD>Events Requiring Dissolution of the Trust.</TD>
    <TD STYLE="text-align: center">40</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 12.2</TD>
    <TD>Distributions on Dissolution</TD>
    <TD STYLE="text-align: center">42</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 12.3</TD>
    <TD>Termination; Certificate of Cancellation</TD>
    <TD STYLE="text-align: center">42</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 12.4</TD>
    <TD>Notice</TD>
    <TD STYLE="text-align: center">42</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">ARTICLE XIII MISCELLANEOUS </TD>
    <TD STYLE="text-align: center">43</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 13.1</TD>
    <TD>Governing Law</TD>
    <TD STYLE="text-align: center">43</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 13.2</TD>
    <TD>Provisions In Conflict With Law or Regulations.</TD>
    <TD STYLE="text-align: center">44</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 13.3</TD>
    <TD>Merger and Consolidation</TD>
    <TD STYLE="text-align: center">44</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 13.4</TD>
    <TD>Construction</TD>
    <TD STYLE="text-align: center">44</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 13.5</TD>
    <TD>Notices</TD>
    <TD STYLE="text-align: center">44</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 13.6</TD>
    <TD>Counterparts</TD>
    <TD STYLE="text-align: center">45</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 13.7</TD>
    <TD>Binding Nature of Trust Agreement</TD>
    <TD STYLE="text-align: center">45</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 13.8</TD>
    <TD>No Legal Title to Trust Estate</TD>
    <TD STYLE="text-align: center">46</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 13.9</TD>
    <TD>Creditors</TD>
    <TD STYLE="text-align: center">46</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 13.10</TD>
    <TD>Integration</TD>
    <TD STYLE="text-align: center">46</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 13.11</TD>
    <TD>Goodwill; Use of Name</TD>
    <TD STYLE="text-align: center">46</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">SECTION 13.12</TD>
    <TD>Jurisdiction; Venue; Waiver of Jury Trial</TD>
    <TD STYLE="text-align: center">46</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">21SHARES ETHEREUM ETF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THIRD AMENDED AND RESTATED TRUST AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This THIRD AMENDED AND RESTATED TRUST AGREEMENT
of 21SHARES ETHEREUM ETF (the &ldquo;Trust&rdquo;) is made and entered into as of the 8<SUP>th</SUP> day of October, 2025, by and among 21SHARES
US LLC, a Delaware limited liability company and sponsor of the Trust (the &ldquo;Sponsor&rdquo;), CSC DELAWARE TRUST COMPANY, a Delaware
corporation, as trustee (the &ldquo;Trustee&rdquo;), and the SHAREHOLDERS from time to time hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RECITALS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, the Trust was formed on September 5,
2023 pursuant to a trust agreement between the Sponsor and the Trustee (the &ldquo;Original Trust Agreement&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, the Trustee and the Sponsor amended and
restated the Original Trust Agreement on May 31, 2024 by entering into the Amended and Restated Trust Agreement (the &ldquo;Amended
and Restated Trust Agreement&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, the Trustee and the Sponsor amended and
restated the Amended and Restated Trust Agreement on August 27, 2025 by entering into the Second Amended and Restated Trust Agreement
(the &ldquo;Second Amended and Restated Trust Agreement&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, the Sponsor wishes to enter
into this Third Amended and Restated Trust Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOW, THEREFORE, the Trustee and the Sponsor hereby
amend and restate the Second Amended and Restated Trust Agreement, dated August 27, 2025, in its entirety and agree to enter in the Third
Amended and Restated Trust Agreement as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
I<BR>
<BR>
DEFINITIONS; THE TRUST</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 1.1&nbsp; Definitions<FONT STYLE="font-size: 10pt">.</FONT>
As used in this Third Amended and Restated Trust Agreement, the following terms shall have the following meanings unless the context
otherwise requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Additional Trust Expenses&rdquo; has the
meaning set forth in Section 6.7(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Administrator&rdquo; means a Person from
time to time engaged by the Sponsor to assist in the administration of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Administrator Fee&rdquo; means the fee
payable to the Administrator for services it provides to the Trust, which the Sponsor shall pay the Administrator as a Sponsor-paid Expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Affiliate&rdquo; means (i) any Person directly
or indirectly owning, controlling or holding with power to vote 10% or more of the outstanding voting securities of such Person, (ii)
any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote
by such Person, (iii) any Person, directly or indirectly, controlling, controlled by or under common control of such Person, (iv) any
employee, officer, director, member, manager or partner of such Person, or (v) if such Person is an employee, officer, director, member,
manager or partner, any Person for which such Person acts in any such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Aggregate Basket Deposit&rdquo; means,
with respect to any Creation Order or Redemption Order, the applicable Basket Deposit multiplied by the number of Creation Baskets or
Redemption Baskets, as specified in the applicable Creation Order or Redemption Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Authorized Participant&rdquo; means a Person
that (i) is a registered broker-dealer, (ii) has entered into an Authorized Participant Agreement with the Sponsor and the Trust, and
(iii) has access to an Authorized Participant Wallet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Authorized Participant Agreement&rdquo;
means an agreement among the Trust, the Sponsor and an Authorized Participant, pursuant to which the Authorized Participant will act as
authorized participant of the Trust in connection with Creation Baskets and Redemption Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Authorized Participant Wallet&rdquo; means, with respect to
any Authorized Participant, an ether wallet address known to the Ether Custodian as belonging to such Authorized Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Basket&rdquo; means a block of 10,000 Shares
used by the Trust to issue or redeem Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Basket Deposit&rdquo; means the total deposit
required to create each Basket.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Business Day&rdquo; means, with respect
to the Trustee, each weekday that the Trustee is open, and for all other purposes hereunder each weekday on which banks are open in New
York, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Cash Custodian&rdquo; means any other Person
from time to time engaged to provide custodian, security or related services to the Trust&rsquo;s cash assets pursuant to authority delegated
by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Certificate of Trust&rdquo; means the Certificate
of Trust of the Trust, including all amendments thereto, in the form attached hereto as Exhibit A, filed with the Secretary of State of
the State of Delaware pursuant to Section 3810 of the Delaware Trust Statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;CFTC&rdquo; means the Commodity Futures
Trading Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Code&rdquo; means the Internal Revenue
Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Cold Vault Balance&rdquo; means the substantial portion of the
private keys associated with the Trust&rsquo;s ether kept by the Ether Custodian in &ldquo;cold storage&rdquo; or similarly secured technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Commodity Exchange Act&rdquo; means the
U.S. Commodity Exchange Act of 1936, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Corporate Trust Office&rdquo; means the
principal office at which at any particular time the corporate trust business of the Trustee is administered, which office at the date
hereof is located at 251 Little Falls Drive, Wilmington, DE 19808.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Covered Person&rdquo; means the Sponsor,
its shareholders, members, directors, officers, employees, its Affiliates and subsidiaries and their respective members, managers, directors,
officers, employees, agents and controlling persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Creation Basket&rdquo; means a Basket issued
by the Trust in exchange for the deposit of the Basket Deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Creation Order&rdquo; has the meaning assigned
thereto in Section 3.1(b)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Creation Settlement Date&rdquo; means,
with respect to any Creation Order, the Business Day following the Trade Date for such Creation Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;CTA&rdquo; has the meaning assigned thereto
in Section 13.13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Custody Account&rdquo; means one or more accounts maintained
by the Ether Custodian in the name of the Sponsor and of the Trust held for the safekeeping of the Trust&rsquo;s ether.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Delaware Trust Statute&rdquo; means the
Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. &sect; 3801 et seq., as the same may be amended
from time-to-time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;ether&rdquo;: A digital asset based on the decentralized, open-source
protocol of the peer-to-peer Ethereum computer network.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Ether Counterparty&rdquo;: Designated third party, who is not
an Authorized Participant but who may be an affiliate of an Authorized Participant, or the Prime Broker or a lender, as applicable, with
whom the Sponsor has entered into an agreement on behalf of the Trust, that will, acting as a counterparty, deliver, receive or convert
to U.S. dollars the ether related to the Authorized Participant&rsquo;s creation or redemption order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Ether Custodian&rdquo; means any Person from time to time engaged
to provide custodian, security or related services to the Trust&rsquo;s ether and cash assets pursuant to authority delegated by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Ether Custodian Fee&rdquo; means the fee
payable to the Ether Custodian for the services it provides to the Trust, which the Sponsor shall pay to the Ether Custodian as a Sponsor-paid
Expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Ethereum&rdquo;: The open-source, decentralized, peer-to-peer
Ethereum network, and the system as a whole that is involved in maintaining the ledger of ether ownership and facilitating the transfer
of ether among parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Ether Holdings&rdquo; means, at any time, the aggregate U.S.
Dollar value of the Trust&rsquo;s ether (including any staked ether) less the Trust&rsquo;s liabilities (including estimated accrued but
unpaid fees and expenses), as calculated according to Section 8.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Exchange&rdquo; means NYSE Arca.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Exchange Trading Day&rdquo; means a day
on which the Exchange is open.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Expenses&rdquo; has the meaning set forth
in Section 5.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;FinCEN&rdquo; means the Financial Crimes
Enforcement Network, a bureau of the U.S. Department of Treasury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Fiscal Year&rdquo; has the meaning set
forth in Article IX hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;GAAP&rdquo; means U.S. generally accepted
accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Incidental Rights&rdquo; means rights to receive or acquire
non-ether virtual currency that may come into the possession of the Trust from time to time through airdrops, hardforks or otherwise.
These rights are generally expected to arise without any action of the Trust or of the Sponsor or Trustee on behalf of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Indemnified Persons&rdquo; has the meaning
assigned to such term in Section 5.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Index&rdquo; means CME CF Ether-Dollar
Reference Rate &ndash; New York Variant administered by the Index Provider.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Index Provider&rdquo; means CF Benchmarks
Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;IRS&rdquo; means the U.S. Internal Revenue
Service or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;IR Virtual Currency&rdquo; means virtual
currency tokens, or other asset or right, acquired by the Trust through the exercise of any Incidental Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Liquid Staking Protocol&rdquo; means a protocol, and the software and smart contracts comprising such protocol, that (i) accepts
digital assets for staking on a proof-of-stake blockchain network, and (ii) issues a corresponding Liquid Staking Token to the party that
deposited the digital assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Liquid Staking Token&rdquo; means a freely-tradeable digital token issued by a Liquid Staking Protocol that represents (i) a principal
amount of a digital asset staked with such protocol, and (ii) the rights to any and all network rewards generated by the staked principal,
net of any protocol fees or slashing penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Liquidating Trustee&rdquo; has the meaning
assigned thereto in Section 12.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Marketing Agent&rdquo; means a Person from
time to time engaged by the Sponsor to assist in the marketing of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Marketing Fee&rdquo; means the fee payable
to the Marketing Agent for services it provides to the Trust, which the Sponsor shall pay the Marketing Agent as a Sponsor-paid Expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;NAV&rdquo; means net asset value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;PA Procedures&rdquo; has the meaning assigned
thereto in Section 3.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Percentage Interest&rdquo; means a fraction,
the numerator of which is the number of any Shareholder&rsquo;s Shares and the denominator of which is the total number of Shares of the
Trust outstanding as of the date of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Person&rdquo; means any natural person
and any partnership, limited liability company, statutory trust, corporation, association, or other legal entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Prime Broker&rdquo; means a Person from
time to time engaged by the Sponsor to provide prime brokerage services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Principal Market&rdquo; means the ether market determined by
the Trust to be its principal market (or in the absence of a principal market the most advantageous market) in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Principal Market NAV&rdquo; means the net
asset value of the Trust determined on a GAAP basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Principal Market NAV per Share&rdquo; means
the net asset value of the Trust determined on a GAAP basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Prospectus&rdquo; means the prospectus
filed with the SEC as part of a registration statement registering the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Redemption Basket&rdquo; means a Basket redeemed by the Trust
in exchange for ether (or an amount of cash equal to the value of such ether) in an amount equal to the Basket Deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Redemption Order&rdquo; has the meaning
assigned thereto in Section 3.3(a)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Redemption Settlement Date&rdquo; means,
with respect to any Redemption Order, the second Business Day (or such earlier day as is industry practice for regular-way trading) following
the Trade Date for such Redemption Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Registration Statement&rdquo; shall mean
a registration statement filed by the Trust with the SEC under the Securities Act or the Exchange Act with respect to Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;SEC&rdquo; means the Securities and Exchange
Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Securities Act&rdquo; means the U.S. Securities
Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Shareholder&rdquo; means any Person that
owns Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Shares&rdquo; means the common units of
fractional undivided beneficial interest in the profits, losses, distributions, capital and assets of, and ownership of, the Trust. Shares
may be owned by the Sponsor or a Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Sponsor&rdquo; means 21Shares US LLC, or
any substitute therefor as provided herein, or any successor thereto by merger or operation of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Sponsor fee&rdquo; has the meaning set
forth in Section 6.7(a)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Sponsor-paid Expense&rdquo; and &ldquo;Sponsor-paid
Expenses&rdquo; have the meaning set forth in Section 6.7(a)(iv).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Staking&rdquo; means using, or permitting
to be used, in any manner, directly or indirectly, through an agent or otherwise (including, for the avoidance of doubt, through a delegation
of rights to any third party with respect to any portion of the Trust Estate, by making any portion of the Trust Estate available to any
third party or by entering into any similar arrangement with a third party), any portion of the Trust Estate in a proof-of-stake validation
protocol.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Trade Date&rdquo; means, for any Subscription
Agreement, Creation Order or, if applicable, a Redemption Order, the Business Day on which the Basket Deposit with respect to such Subscription
Agreement, Creation Order or Redemption Order is determined in accordance with the procedures set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Transfer Agent&rdquo; means the Bank of
New York Mellon, or any other Person from time to time engaged to provide such services or related services to the Trust pursuant to authority
delegated by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Transfer Agent Fee&rdquo; means the fee
payable to the Transfer Agent for the services it provides to the Trust, which the Sponsor shall pay to the Transfer Agent as a Sponsor-paid
Expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Treasury Regulations&rdquo; means regulations,
including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary
regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Trust&rdquo; means 21Shares Ethereum ETF,
a Delaware statutory trust formed pursuant to the Certificate of Trust, the business and affairs of which are governed by this Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Trust Agreement&rdquo; means this Third
Amended and Restated Trust Agreement, as it may at any time or from time-to-time be amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Trustee&rdquo; means CSC Delaware Trust
Company, its successors and assigns, or any substitute therefor as provided herein, acting not in its individual capacity but solely as
trustee of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Trust Estate&rdquo; means all the ether on deposit in the Custody
Account and proceeds from the sale of ether, as well as any other rights of the Trust pursuant to any agreements, other than this Trust
Agreement, to which the Trust is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Trust Expenses&rdquo; has the meaning set
forth in Section 5.3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;U.S. Dollar&rdquo; means United States
dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 1.2 Name<FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The name of the Trust is &ldquo;21Shares Ethereum
ETF&rdquo; in which name the Trustee and the Sponsor shall cause the Trust to carry out its purposes as set forth in Section 1.5, make
and execute contracts and other instruments in the name and on behalf of the Trust and sue and be sued in the name and on behalf of the
Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 1.3
Delaware Trustee; Offices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;The
sole Trustee of the Trust is CSC Delaware Trust Company, which is located at the Corporate Trust Office or at such other address in the
State of Delaware as the Trustee may designate in writing to the Shareholders. The Trustee shall receive service of process on the Trust
in the State of Delaware at the foregoing address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;The
principal office of the Trust, and such additional offices as the Sponsor may establish, shall be located at such place or places inside
or outside the State of Delaware as the Sponsor may designate from time to time in writing to the Trustee and the Shareholders. Initially,
the principal office of the Trust shall be at c/o 21Shares US LLC, 477 Madison Avenue, New York, New York 10022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 1.4
Declaration of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trust Estate shall be held in trust for the
Shareholders. It is the intention of the parties hereto that the Trust shall be a statutory trust, under the Delaware Trust Statute and
that this Trust Agreement shall constitute the governing instrument of the Trust. It is not the intention of the parties hereto to create
a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment or any form of legal
relationship other than a Delaware statutory trust that is treated as a grantor trust for U.S. federal income tax purposes and for purposes
of applicable state and local tax laws. Nothing in this Trust Agreement shall be construed to make the Shareholders partners or members
of a joint stock association. Effective as of the date hereof, the Trustee and the Sponsor shall have all of the rights, powers and duties
set forth herein and in the Delaware Trust Statute with respect to accomplishing the purposes of the Trust. The Trustee has filed the
certificate of trust required by Section 3810 of the Delaware Trust Statute in connection with the formation of the Trust under the Delaware
Trust Statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 1.5
Purposes and Powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;The purposes of the Trust shall be to accept subscriptions or Creation
Orders for Shares in ether or cash in accordance with Article III hereof, to distribute ether or cash upon Redemption Orders of Shares
in accordance with Article III hereof, reflect rewards from Staking a portion of the Trust&rsquo;s ether, to the extent the Sponsor in
its sole discretion determines that the Trust may engage in Staking without undue legal or regulatory risk, such as, without limitation,
the risk of jeopardizing the Trust's ability to qualify as a grantor trust for U.S. federal income tax purposes, and to enter into any
lawful transaction and engage in any lawful activities in furtherance of or incidental to the foregoing. The Trust shall not engage in
any business activity and shall not acquire or own any assets other than ether, cash or cash from the sale of ether, pending use of such
cash for payment of Additional Trust Expenses or distribution to the Shareholders, as provided in this Trust Agreement, or take any of
the actions set forth in Section 1.11. Notwithstanding the preceding sentence, from time to time the Trust may receive Incidental Rights
as a result of an airdrop or hard fork or similar method. The Trust shall have all of the powers specified in Section 2.1 hereof as powers
which may be exercised by a Sponsor on behalf of the Trust under this Trust Agreement. Nothing in this Trust Agreement shall be construed
to give the Trustee or the Sponsor the power to vary the investment of the Shareholders within the meaning of the Treasury Regulations,
nor shall the Trustee or the Sponsor take any action that would vary the investment of the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;The Trust may earn Staking rewards by investing in Liquid Staking Protocols or acquiring Liquid Staking Tokens to the extent the Sponsor,
in its sole discretion, determines that a Liquid Staking Token represents beneficial ownership of the underlying ether for U.S. federal
income tax purposes and that acquisition of a Liquid Staking Token does not vary the investments of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 1.6
Assets of the Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trust shall not acquire or own any assets other than ether, cash
in connection with Creation Orders or Redemption Orders or cash from the sale of ether pending use of such cash for payment of Additional
Trust Expenses or distribution to the Shareholders, as provided in this Trust Agreement, or from time to time, Incidental Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 1.7 Tax
Treatment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the IRS determines otherwise in a private letter ruling issued
to the Trust or to the Sponsor on behalf of the Trust or guidance published by the IRS that precludes such treatment, the Trust shall
be treated for U.S. federal income tax purposes, and for all applicable state and local tax purposes, as a grantor trust and the Shares
shall qualify under applicable tax law as interests in a grantor trust which holds the Trust Estate. Each party agrees to use reasonable
efforts to notify the other parties promptly upon a receipt of any notice from any taxing authority having jurisdiction over such holders
of Shares with respect to the treatment of the Shares as anything other than interests in a grantor trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 1.8
Legal Title.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal title to all of the Trust Estate shall be
vested in the Trust as a separate legal entity; provided, however, that if applicable law in any jurisdiction requires legal title to
any portion of the Trust Estate to be vested otherwise, the Sponsor may cause legal title to such portion of the Trust Estate to be held
by or in the name of the Sponsor or any other Person (other than a Shareholder or the Trustee unless, in the case of the Trustee, the
Sponsor receives the Trustee&rsquo;s prior written consent) as nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 1.9
Assets of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trust Estate shall irrevocably belong to the
Trust for all purposes, subject only to the rights of creditors of the Trust and shall be so recorded upon the books of account of the
Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 1.10
Liabilities of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trust Estate shall be charged with the liabilities
of the Trust and with all expenses, costs, charges and reserves attributable to the Trust. The Sponsor shall have full discretion, to
the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items as capital, and each
such determination and allocation shall be conclusive and binding upon the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 1.11
General Prohibitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trust shall not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;Receive any property other than ether upon the issuance of Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;Hold any property other than ether, Incidental Rights, IR Virtual Currency,
or cash from the sale of ether or interests in any liquidating trust or other vehicle formed to hold pending distribution of such interests
to the Shareholders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c)&nbsp;Hold any cash from the sale of ether, Incidental Rights or IR Virtual
Currency for more than thirty (30) Business Days prior to using such cash to pay Additional Trust Expenses and distributing any remaining
cash to the Shareholders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(d)&nbsp;Redeem
the Shares other than (i) to satisfy a Redemption Order from an Authorized Participant, (ii) as provided in Section 6.8 or (iii) upon
the dissolution of the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(e)&nbsp;Borrow
money from or loan money to any Shareholder (including the Sponsor) or any other Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(f)&nbsp;Create,
incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge, security interest
or encumbrance on or with respect to the Trust Estate, except liens for taxes not delinquent or being contested in good faith and by appropriate
proceedings and for which appropriate reserves have been established;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(g)&nbsp;Commingle
the Trust Estate with the assets of any other Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(h)&nbsp;Permit
rebates to be received by the Sponsor or any Affiliate of the Sponsor, or permit the Sponsor or any Affiliate of the Sponsor to engage
in any reciprocal business arrangements which would circumvent the foregoing prohibition;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(i)&nbsp;Enter
into any contract with the Sponsor or an Affiliate of the Sponsor (A) that, except for selling agreements for the sale of Shares, has
a term of more than one year and that does not provide that it may be canceled by the Trust without penalty on sixty (60) days prior written
notice or (B) for the provision of services, except at rates and terms at least as favorable as those that may be obtained from third
parties in arm&rsquo;s length negotiations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(j)&nbsp;Cause
the Trust to elect to be treated as an association taxable as a corporation for U.S. federal income tax purposes; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(k)&nbsp;Take
any action that would result in the Trust being treated other than a grantor trust for U.S. federal tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
II<BR>
<BR>
SHARES; CAPITAL CONTRIBUTIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 2.1 General<FONT STYLE="font-size: 10pt"></FONT>.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor shall have the power and authority, without action or approval
by the Shareholders, to cause the Trust to issue Shares from time to time as it deems necessary or desirable and in the interest of the
Trust. The number of Shares authorized shall be unlimited, and the Shares so authorized may be represented in part by fractional Shares,
calculated to one one-hundred-millionth of one ether. From time to time, the Sponsor may cause the Trust to divide or combine the Shares
into a greater or lesser number without thereby changing the proportionate beneficial interests in the Trust Estate, or in any way affecting
the rights, of the Shareholders, without action or approval by the Shareholders. The Trust shall issue Shares solely in exchange for contributions
of ether (or for no consideration if pursuant to a Share distribution or split-up) in accordance with the procedures set forth herein
and in any applicable Authorized Participant Agreement. All Shares when so issued shall be fully paid and non-assessable. Every Shareholder,
by virtue of having purchased or otherwise acquired a Share, shall be deemed to have expressly consented and agreed to be bound by the
terms of this Trust Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 2.2 Book-Entry-Only System<FONT STYLE="font-size: 10pt"></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shares shall be held in book-entry form by the
Transfer Agent. The Sponsor or its delegate shall direct the Transfer Agent to (i) credit or debit the number of Creation Baskets or Redemption
Baskets to the account of the applicable Shareholder or Authorized Participant, as applicable and (ii) issue or cancel Creation Baskets
or Redemption Baskets, as applicable, at the direction of the Sponsor or its delegate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 2.3
Distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;The Sponsor may, in its absolute discretion, cause the Trust to make
distributions to the Shareholders from the Trust Estate at any time. If the Trust sells ether, any cash remaining after the payment of
any Additional Trust Expenses shall promptly be distributed to the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;All
distributions on Shares shall be made pro rata to the Shareholders in proportion to their respective Percentage Interests at the date
and time of record established for such distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c)&nbsp;Distributions
may be made in-kind or in cash, as determined in the sole discretion of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 2.4
Voting Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders shall only have such rights as set
forth in Article VII hereof. Notwithstanding any other provision hereof, on each matter submitted to a vote of the Shareholders, each
Shareholder shall be entitled to a proportionate vote based upon its Percentage Interest at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 2.5
Equality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All Shares shall represent an equal proportionate
beneficial interest in the Trust Estate subject to the liabilities of the Trust, and each Share&rsquo;s interest in the Trust Estate shall
be equal to each other Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
III<BR>
<BR>
Creations and REDEMPTIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 3.1 Procedures
for Creation and Issuance of Creation Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;General.
Shares may be created and issued directly by the Trust through Creation Orders (as described below) delivered by Authorized Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;Creation
and Issuance Through Authorized Participants. The following procedures, as supplemented by the more detailed procedures specified in the
Exhibits, annexes, attachments and procedures, as applicable, to each Authorized Participant Agreement (the &ldquo;PA Procedures&rdquo;),
which may be amended from time to time in accordance with the provisions of the relevant Authorized Participant Agreement (provided that
any such amendment shall not constitute an amendment of this Trust Agreement), shall govern the Trust with respect to the creation and
issuance of Creation Baskets. Subject to the limitations upon, and requirements for, issuance of Creation Baskets stated herein and in
the PA Procedures, the number of Creation Baskets that may be issued by the Trust is unlimited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)&nbsp;On
any Business Day, an Authorized Participant may place an order for one or more Creation Baskets (each, a &ldquo;Creation Order&rdquo;)
in the manner provided in the PA Procedures. Cash creation orders must be placed by 12:00 p.m. ET, or the close of regular trading on
the Exchange, or at a time as determined by the Sponsor. The day on which an order is received by the Transfer Agent is considered the
purchase order date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)&nbsp;The
Sponsor or its delegate shall process Creation Orders only from Authorized Participants with respect to which an Authorized Participant
Agreement is in full force and effect. The Sponsor or its delegate shall maintain and make available to any Shareholder at the Trust&rsquo;s
principal offices during normal business hours a current list of the Authorized Participants with respect to which an Authorized Participant
Agreement is in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)&nbsp;The
Trust shall create and issue Creation Baskets in exchange for deposit with the Ether Custodian on the applicable Creation Settlement Date
of the applicable Aggregate Basket Deposit, the delivery of which may be facilitated by the Ether Counterparty as part of a cash-settled
transaction with the relevant Authorized Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iv)&nbsp;The
Sponsor or its delegate has final determination of all questions as to the calculation of the Aggregate Basket Deposit at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(v)&nbsp;Deposits other than cash received from an Authorized Participant and
ether from the Ether Counterparty shall be rejected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(vi)&nbsp;To effectuate a creation order, the Authorized Participant will be
required to prefund with cash the Trust&rsquo;s purchase of ether in an amount set by the Sponsor. The Authorized Participant will be
required to transfer the cash deposit amount associated with such creation order to the Trust&rsquo;s account with the Cash Custodian.
The Sponsor, on behalf of the Trust, will instruct a Ether Counterparty to purchase the amount of ether equivalent in value to the cash
deposit amount associated with the creation order, with such purchase transaction prearranged to be executed, in the Sponsor&rsquo;s reasonable
efforts, at the Index price used by the Trust to calculate NAV, taking into account any spread, commissions, or other trading costs on
the date of the applicable Creation Order. The resulting ether will be deposited in the Trust&rsquo;s account with the Ether Custodian.
Any slippage incurred (including, but not limited to, any trading fees, spreads, or commissions), on a cash equivalent basis, will be
the responsibility of the Authorized Participant and not of the Trust or Sponsor. To the extent the execution price of the ether acquired
by the Ether Counterparty at settlement is less than the cash deposit amount, such cash difference will be remitted to the Authorized
Participant. To the extent the execution price of the ether acquired by the Ether Counterparty exceeds the cash deposit amount, such cash
difference will be the responsibility of the Authorized Participant and not the Trust or Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(vii)&nbsp;Determination of the Basket Deposit. Each Share issued in the initial
offering of Shares will represent approximately 0.001 of one ether. For each Creation Order thereafter, the total cash deposit amount
required to create each Basket (&ldquo;Basket Deposit&rdquo;) is the amount of cash equivalent to the amount of ether that is in the same
proportion to the total assets of the Trust, net of accrued expenses and other liabilities, on the date the order to purchase is properly
received, as the number of Shares to be created under the purchase order is in proportion to the total number of Shares outstanding on
the date the order is received, plus a cash buffer set by the Sponsor. The Basket Deposit changes from day to day. On each day that the
Exchange is open for regular trading, the Administrator adjusts the quantity of ether represented by the Basket Deposit as appropriate
to reflect accrued expenses and any loss of ether that may occur. The computation is made by the Administrator as promptly as practicable
after 4:00 p.m. ET. Each night, the Sponsor will publish the amount of ether that represented by each Basket Deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c)&nbsp;
All questions as to the calculation of the Basket Deposit will be conclusively determined by the Sponsor and will be final and binding
on all persons interested in the Trust. The Basket Deposit multiplied by the number of Baskets being created for any Creation Order is
the &ldquo;Aggregate Basket Deposit.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(d)&nbsp;Rejection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor or its designee has the absolute right,
but does not have any obligation, to reject any purchase order or Basket Deposit if the Sponsor determines that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)&nbsp;the
purchase order or Basket Deposit is not in proper form;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)&nbsp;it
would not be in the best interest of the Shareholders of the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)&nbsp;the
acceptance of the purchase order or the Basket Deposit would have adverse tax consequences to the Trust or its Shareholders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iv)&nbsp;the
acceptance or receipt of which would, in the opinion of counsel to the Sponsor, be unlawful; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(v)&nbsp;circumstances
outside the control of the Trust, the Sponsor, the Marketing Agent or the Ether Custodian make it, for all practical purposes, not feasible
to process Creations Baskets (including if the Sponsor determines that the investments available to the Trust at that time will not enable
it to meet its investment objective).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the Sponsor, the Transfer Agent or the
Ether Custodian will be liable for the rejection of any purchase order or Basket Deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(e)&nbsp;Conflict.
In the event of any conflict between the procedures described in this Section 3.1 and the PA Procedures, the PA Procedures shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 3.2 Alternate
Procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;Alternate Procedures. Notwithstanding any of the foregoing, the Ether
Custodian may accept delivery of ether by such other means as the Sponsor, from time to time, may determine to be acceptable for the Trust.
The Sponsor or its delegates from time to time may, but shall have no obligation to, establish procedures with respect to subscription
of Shares in lot sizes smaller than the Creation Basket and permitting the creation distribution to be delivered in a manner other than
that specified in Section 3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;Alternate
Procedures If Successor Custodian Is Appointed. In addition, if a successor or alternative to the Ether Custodian shall be employed, the
Trust and the Sponsor shall establish procedures acceptable to such successor with respect to the matters addressed in this Article III.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 3.3 Redemption
of Redemption Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;General.
Shares may be redeemed by the Trust only through Redemption Orders (as described below) delivered by Authorized Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The following procedures,
as supplemented by the PA Procedures, which may be amended from time to time in accordance with the provisions of the Authorized Participant
Agreement (provided that any such amendment shall not constitute an amendment of this Trust Agreement), shall govern the Trust with respect
to Redemption Orders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)&nbsp;On
any Business Day, an Authorized Participant may place an order to redeem Redemption Baskets (each, a &ldquo;Redemption Order&rdquo;) in
the manner provided in the PA Procedures. Redemption orders must be placed by 12:00 p.m. ET, or the close of regular trading on the Exchange,
or another time as determined by the Sponsor.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)&nbsp;The
Sponsor or its delegates shall process Redemption Orders only from Authorized Participants with respect to which an Authorized Participant
Agreement is in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)&nbsp;The
Trust shall redeem Redemption Baskets only in exchange for deposit with the Transfer Agent on the Redemption Settlement Date Shares equal
to the total number of Baskets indicated in the Redemption Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iv)&nbsp;To effectuate a redemption order via a cash transaction, the Authorized
Participant will be required to prefund a cash amount determined by the Sponsor to the Trust&rsquo;s account with the Transfer Agent no
later than 2:00 pm ET on the sell order date or at another time as determined by the Sponsor. Upon receipt of the required cash indicated
in the redemption order, the Sponsor, on behalf of the Trust, will instruct the Ether Counterparty to convert this ether into cash by
effectuating a ether sale executed, in the Sponsor&rsquo;s reasonable efforts, at the Index price used by the Trust to calculate NAV,
and deposit the cash proceeds of such sale in the Trust&rsquo;s account with the Cash Custodian for settlement with the Authorized Participant
(taking into account any spread, commission, or other trading costs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(v)&nbsp;The redemption distribution from the Trust is delivered to the Ether
Counterparty on the redemption distribution date if the Trust&rsquo;s Depository Trust Company (&ldquo;DTC&rdquo;) account has been credited
with the Baskets to be redeemed. Once the Sponsor determines that the Shares have been received in the Trust&rsquo;s DTC account, the
Sponsor authorizes the Ether Custodian to transfer the redemption ether amount from the Trust&rsquo;s Ether Custodian account to the Ether
Counterparty for conversion to cash to be distributed to the Authorized Participant upon settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(vi)&nbsp;Upon receipt of the redemption distribution of ether by the Ether Counterparty,
the Ether Counterparty, as a counterparty to the Trust, shall convert the ether associated with the redemption order to cash for settlement
with the Trust. Under most circumstances, this transfer of ether will be made from the Trust&rsquo;s Cold Vault Balance with the Ether
Custodian, although in some circumstances, ether may be transferred from outside of cold storage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(vii)&nbsp;The
Sponsor or its delegate has final determination of all questions as to the determination of the Aggregate Basket Deposit at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(viii)&nbsp;The
Aggregate Basket Deposit shall only be delivered only to the Trust&rsquo;s account at the Cash Custodian or a cash account at the Ether
Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ix)&nbsp;The
Aggregate Basket Deposit shall be subject to the deduction of any applicable tax or other governmental charges that may be due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;Rejection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)&nbsp;The
Sponsor or its delegate shall reject a Redemption Order if (1) the Redemption Order is not in proper form; (2) the fulfillment of the
Redemption Order, in the opinion of its counsel, might be unlawful; (3) the acceptance of the Redemption Order would have adverse tax
consequences to the Trust or its Shareholders; or (4) it would not be in the best interest of the Shareholders of the Trust.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)&nbsp;The
redemption of Baskets may be suspended generally, or refused with respect to a particular Redemption Order, during any period when the
transfer books of the Transfer Agent are closed or if circumstances outside the control of the Sponsor or its delegate make it for all
practicable purposes not feasible to process Redemption Orders. None of the Sponsor, its delegates or the Ether Custodian shall be liable
for the suspension or rejection of any Redemption Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c)&nbsp;Conflict.
In the event of any conflict between the procedures described in this Section 3.3 and the PA Procedures, the PA Procedures shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">SECTION 3.4 Other Redemption
Procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Sponsor or its delegates from time to time may, but shall have
no obligation to, establish procedures with respect to redemption of Shares in lot sizes smaller than a Redemption Basket and permitting
the redemption distribution to be delivered in a manner other than that specified herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
IV<BR>
<BR>
TRANSFERS OF SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 4.1
Transfer of Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any transfer of Shares must comply with the provisions
of this Article IV. Any act or transaction that does not comply with this Article IV shall be deemed void ab initio and not be binding
or recognized by the Trust (regardless of whether the Sponsor shall have knowledge of such act or transaction) unless approved in writing
by the Sponsor in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the provisions of this Article IV,
Shares shall be transferable on the books of the Trust only by the record holder thereof or by his or her duly authorized agent upon delivery
to the Sponsor or the Trust&rsquo;s Transfer Agent or similar agent of a duly executed instrument of transfer, together with a Share certificate
if one is outstanding, and such evidence of the genuineness of each such execution and authorization and of such other matters as may
be required by the Sponsor. Upon such delivery, and subject to any further requirements specified by the Sponsor, the transfer shall be
recorded on the books of the Trust. Until a transfer is so recorded, the Shareholder of record of Shares shall be deemed to be the Shareholder
with respect to such Shares for all purposes hereunder and neither the Sponsor nor the Trust, nor the Transfer Agent or any similar agent
or registrar or any officer, employee or agent of the Trust, shall be affected by any notice of a proposed transfer. The record books
of the Trust as kept by the Trust, or any transfer or similar agent, as the case may be, will be conclusive as to the identity of the
Shareholders and as to the number of Shares held from time to time by each.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
V<BR>
<BR>
THE TRUSTEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 5.1
Term; Resignation; Removal; Successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;CSC
Delaware Trust Company has been appointed and hereby agrees to serve as the Trustee of the Trust. The Trust shall have only one Trustee
unless otherwise determined by the Sponsor. The Trustee shall serve until such time as the Trust is terminated or if the Sponsor removes
the Trustee or the Trustee resigns. The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware and shall at
all times satisfy the requirements of Section 3807(a) of the Delaware Trust Statute and be authorized to exercise corporate trust powers
under the laws of Delaware, having a combined capital, surplus and undivided profits of at least $50,000,000 and subject to supervision
or examination by federal or state authorities. If the Trustee publishes reports of condition at least annually, pursuant to law or to
the requirements of the aforesaid supervising or examining authority, then for the purposes of this Article V the combined capital, surplus
and undivided profits of the Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time the Trustee shall cease to be eligible to serve as trustee of the Trust in accordance with
the provisions of this Section 5.1, the Trustee shall resign promptly in the manner and with the effect specified in this Article V. The
Trustee may have normal banking and trust relationships with the Sponsor and their respective affiliates; provided that none of (i) the
Sponsor, (ii) any Person involved in the organization or operation of the Sponsor or the Trust or (iii) any affiliate of any of them may
be the Trustee hereunder. The Trust shall have at least one trustee with a principal place of business in Delaware. It is understood and
agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Sponsor and shall have no obligation
to supervise or monitor the Sponsor or otherwise manage the Trust and no such duties shall be implied. To the extent, at law or in equity,
the Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or the Sponsor, it is hereby understood
and agreed by the parties hereto that such duties and liabilities are replaced by the duties and liabilities of the Trustee expressly
set forth in this Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;The
Trustee is permitted to resign upon at least thirty (30) days&rsquo; written notice to the Sponsor upon which date such resignation shall
be effective. If no successor Delaware Trustee shall have accepted such appointment within forty five (45) days after the giving of such
notice of resignation, the Delaware Trustee at the expense of the Trust may petition any court of competent jurisdiction for the appointment
of a successor Delaware Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c)&nbsp;If
at any time the Trustee shall cease to be eligible to serve as trustee of the Trust in accordance with the provisions of this Trust Agreement,
or if at any time the Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation, then the Sponsor may remove the Trustee and appoint a successor trustee
by written instrument, in duplicate, which instrument shall be delivered to the Trustee so removed and the successor trustee. The Sponsor
may at any time, upon thirty (30) days&rsquo; prior notice to the Trustee, remove the Trustee and appoint a successor trustee by written
instrument or instruments, in triplicate, signed by the Sponsor or its attorney-in-fact duly authorized, one complete set of which instruments
shall be delivered to the Trustee so removed and one complete set to the successor so appointed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(d)&nbsp;Any
resignation or removal of the Trustee and appointment of a successor Trustee cannot become effective until a written acceptance of appointment
is delivered by the successor Trustee to the outgoing Trustee and the Sponsor and any fees and expenses due to the outgoing Trustee are
paid or waived by the outgoing Trustee. Following compliance with the preceding sentence, the successor will become fully vested with
the rights, powers, duties and obligations of the outgoing Trustee under the Trust Agreement, with like effect as if originally named
as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(e)&nbsp;If
the Trustee resigns and no successor trustee is appointed within 180 days after the date the Trustee issues its notice of resignation,
the Sponsor will terminate and liquidate the Trust and distribute its remaining assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 5.2
Powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except to the extent expressly set forth in Section
1.3 and this Article V, the duty and authority to manage the affairs of the Trust is vested in the Sponsor, which duty and authority the
Sponsor may further delegate as provided herein pursuant to Section 3806(b)(7) of the Delaware Trust Statute. The duties of the Trustee
shall be limited to (i) accepting legal process served on the Trust in the State of Delaware, and (ii) the execution of any certificates
required to be filed with the Secretary of State of the State of Delaware which the Trustee is required to execute under Section 3811
of the Delaware Trust Statute, and (iii) any other duties specifically allocated to the Trustee in this Trust Agreement. The Trustee shall
provide prompt notice to the Sponsor of its performance of any of the foregoing. The Sponsor shall reasonably keep the Trustee informed
of any actions taken by the Sponsor with respect to the Trust that would reasonably be expected to affect the rights, obligations or liabilities
of the Trustee hereunder or under the Delaware Trust Statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 5.3
Compensation and Expenses of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustee shall be entitled to receive from
the Sponsor, as a Sponsor-paid Expense, reasonable compensation for its services hereunder as set forth in a separate fee agreement and
shall be entitled to be reimbursed by the Sponsor for reasonable out-of-pocket expenses incurred by it in the performance of its duties
hereunder, including without limitation, the reasonable compensation, out-of-pocket expenses and disbursements of counsel, any experts
and such other agents as the Trustee may employ in connection with the exercise and performance of its rights and duties hereunder (together,
the &ldquo;Trust Expenses&rdquo;). To the extent that the Sponsor fails to pay the Trust Expenses, the Trust will be responsible for such
Trust Expenses. The Trustee may consult with counsel (who may be counsel for the Sponsor or for the Trustee). The reasonable legal fees
incurred in connection with such consultation shall be reimbursed to the Trustee pursuant to this Section, provided that no such fees
shall be payable to the extent that they are incurred as a result of the Trustee&rsquo;s gross negligence, bad faith or willful misconduct.
The Trustee may earn compensation in the form of short-term interest (&ldquo;float&rdquo;) on items like uncashed distribution checks
(from the date issued until the date cashed), funds that the Trustee is directed not to invest, deposits awaiting investment direction
or received too late to be invested overnight in previously directed investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 5.4
Indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;The
Trust hereby agrees to be primary obligor and shall indemnify, defend and hold harmless the Trustee (including in its individual capacity)
and any of the officers, affiliate, directors, employees and agents of the Trustee (the &ldquo;Indemnified Persons&rdquo;) from and against
any and all losses, damages, liabilities (including liabilities under any state or federal securities laws), claims, actions, suits, costs,
expenses, disbursements (including for each Indemnified Person the reasonable fees and expenses of counsel and fees and expenses (including
legal fees and expenses) incurred in connection with enforcement of its indemnification rights hereunder), taxes and penalties of any
kind and nature whatsoever (collectively, &ldquo;Expenses&rdquo;), to the extent that such Expenses arise out of or are imposed upon or
asserted at any time against such Indemnified Persons with respect to the performance of this Trust Agreement, the creation, operation
or termination of the Trust or the transactions contemplated hereby; provided, however, that the Trust shall not be required to indemnify
any Indemnified Person for any Expenses which are adjudicated by a court of competent jurisdiction to be a direct result of the willful
misconduct, bad faith or gross negligence of an Indemnified Person. If the Trust shall have insufficient assets or improperly refuses
to pay an Indemnified Person within sixty (60) days of a request for payment owed hereunder, the Sponsor shall, as secondary obligor,
compensate or reimburse the Trustee or indemnify, defend and hold harmless an Indemnified Person as if it were the primary obligor hereunder;
provided, however, that the Sponsor shall not be required to indemnify any Indemnified Person for any Expenses which are adjudicated by
a court of competent jurisdiction to be a direct result of the willful misconduct, bad faith or gross negligence of an Indemnified Person.
To the fullest extent permitted by law, Expenses to be incurred by an Indemnified Person shall, from time to time, be advanced by, or
on behalf of, the Sponsor prior to the final disposition of any matter upon receipt by the Sponsor of an undertaking by, or on behalf
of, such Indemnified Person to repay such amount if it shall be determined by a court of competent jurisdiction that the Indemnified Person
is not entitled to be indemnified under this Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;As
security for any amounts owing to the Trustee hereunder, the Trustee shall have a lien against the Trust property, which lien shall be
prior to the rights of the Sponsor, or any other Shareholder. The obligations of the Sponsor and the Trust to indemnify the Indemnified
Persons under this Section 5 shall survive the termination of this Trust Agreement and resignation or removal of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c)&nbsp;The
obligations of the Sponsor and the Trust to indemnify the Indemnified Persons will survive the termination of the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 5.5 Successor Trustee<FONT STYLE="font-size: 10pt"></FONT>.
Upon the resignation or removal of the Trustee, the Sponsor shall appoint a successor Trustee by delivering a written instrument to
the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute. The
successor Trustee shall become fully vested with all of the rights, powers, duties and obligations of the outgoing Trustee under
this Trust Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties
and obligations under this Trust Agreement. Any business entity into which the Trustee may be merged or converted or with which it
may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or
any entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the
Trustee hereunder, to the fullest extent permitted by law without the execution or filing of any paper or any further act on the
part of any of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 5.6 Liability
of Trustee<FONT STYLE="font-size: 10pt"></FONT>. Except as otherwise provided in this Article V, in accepting the trust created
hereby, CSC Delaware Trust Company acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim
against CSC Delaware Trust Company by reason of the transactions contemplated by this Trust Agreement and any other agreement to which
the Trust is a party shall look only to the Trust Estate for payment or satisfaction thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">The Trustee will
not be liable for the acts or omissions of the Sponsor, nor will the Trustee be liable for supervising or monitoring the performance and
the duties and obligations of the Sponsor or the Trust under the Trust Agreement. The Trustee will not be personally liable under any
circumstances, except for its own willful misconduct, bad faith or gross negligence. In particular, but not by way of limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;the
Trustee will not be personally liable for any error of judgment made in good faith except to the extent such error of judgment constitutes
gross negligence on its part;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;no
provision of the Trust Agreement will require the Trustee to expend or risk its personal funds or otherwise incur any financial liability
in the performance of its rights or powers hereunder, if the Trustee shall have reasonable grounds for believing that the payment of such
funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c)&nbsp;under
no circumstances will the Trustee be personally liable for any representation, warranty, covenant, agreement, or indebtedness of the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(d)&nbsp;the
Trustee will not be personally responsible for or in respect of the validity or sufficiency of the Trust Agreement or for the due execution
hereof by the Sponsor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(e)&nbsp;the
Trustee shall have no liability or responsibility for the validity or sufficiency of this Trust Agreement or for the form, character,
genuineness, sufficiency, enforceability, collectability, location, existence, value or validity of the Trust Estate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(f)&nbsp;the
Trustee has not prepared or verified, and shall not be responsible or liable for, any information, disclosure or other statement in the
Trust&rsquo;s offering documents or in any other document issued or delivered in connection with the sale or transfer of the Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(g)&nbsp;the
Trustee shall not be liable for any actions taken or omitted to be taken by it in accordance with the instructions of the Sponsor or the
Liquidating Trustee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(h)&nbsp;the
Trustee shall have no duty or obligation to supervise the performance of any obligations of the Trust, the Sponsor, the Ether Custodian
or their respective delegates, any Authorized Participant or any other Person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(i)&nbsp;no
provision of this Trust Agreement shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its rights or powers hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(j)&nbsp;the
Trustee will incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate,
report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by
the proper party or parties. The Trustee may accept a certified copy of a resolution of any governing body of any corporate party as conclusive
evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter
the manner of ascertainment of which is not specifically prescribed herein, the Trustee may for all purposes hereof rely on a certificate,
signed by an authorized officer of the Sponsor or any other corresponding directing party, as to such fact or matter, and such certificate
will constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(k)&nbsp;in
the exercise or administration of the Trust hereunder, the Trustee (i) may act directly or through agents or attorneys pursuant to agreements
entered into with any of them, and the Trustee will not be liable for the default or misconduct of such agents or attorneys if such agents
or attorneys will have been selected by the Trustee in good faith and with due care and (ii) may consult with counsel, accountants and
other skilled persons to be selected by it in good faith and with due care and employed by it, and it will not be liable for anything
done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or other skilled
persons;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(l)&nbsp;except
as will be expressly provided in the Trust Agreement, the Trustee will act solely as a trustee under the Trust Agreement and not in its
individual capacity, and all persons having any claim against the Trustee by reason of the transactions contemplated by the Trust Agreement
will look only to the Trust&rsquo;s property for payment or satisfaction thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(m)&nbsp;the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement, or to institute, conduct
or defend any litigation under this Trust Agreement or any other agreements to which the Trust is a party, at the request, order or direction
of the Sponsor unless the Sponsor has advanced any necessary costs and offered to CSC Delaware Trust Company (in its capacity as Trustee
and individually) security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by CSC Delaware
Trust Company (including, without limitation, the reasonable fees and expenses of its counsel) therein or thereby;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(n)&nbsp;notwithstanding
anything contained herein to the contrary, the Trustee shall not be required to take any action in any jurisdiction other than in the
State of Delaware if the taking of such action will (i) require the consent or approval or authorization or order of, or the giving of
notice to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any
jurisdiction other than the State of Delaware, (ii) result in any fee, tax or other governmental charge becoming payable by the Trustee
under the laws of any jurisdiction or any political subdivision thereof other than the State of Delaware or (iii) subject the Trustee
to personal jurisdiction, other than in the State of Delaware;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(o)&nbsp;to
the extent that, at law or in equity, the Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust,
the Shareholders or any other Person, the Trustee, acting under this Trust Agreement, shall not be liable to the Trust, the Shareholders
or any other Person for its good faith reliance on the provisions of this Trust Agreement, and the provisions of this Trust Agreement,
to the extent that they restrict or eliminate the duties and liabilities of the Trustee otherwise existing at law or in equity are agreed
by the parties hereto to replace such other duties and liabilities of the Trustee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(p)&nbsp;whenever
the Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Trust Agreement or any
other document to which the Trust is a party or is unsure as to how to proceed, the Trustee may request and rely on written direction
from the Sponsor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(q)&nbsp;the
Trustee shall not be required to take any action hereunder if the Trustee shall have reasonably determined or been advised by counsel
that such action is likely to result in liability on the part of the Trustee or is contrary to the terms hereof or of any document to
which the Trust is a party or is otherwise contrary to law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(r)&nbsp;the
permissive right of the Trustee to perform any discretionary act or exercise any privilege enumerated shall not be construed as a duty;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(s)&nbsp;
prior to taking or refraining from taking any action upon direction or request, the Trustee shall be entitled to request, receive, rely
upon and act in accordance with, officer&rsquo;s certificates or opinions of counsel provided at the expense of the party requesting the
Trustee to take such action or inaction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(t)&nbsp;the
Trustee shall have no (i) duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise
deal with the trust estate, or (ii) responsibility for the preparation, correctness, accuracy, existence, or filing of any financing or
continuation statement in any public office at any time or the validity, existence, perfection or maintenance of the perfection of any
security interest or lien granted to the Trust, nor shall the Trustee have any responsibility to monitor the performance of any assets,
or to prepare or file any tax, qualification to do business, license, commission or other securities law filing, or other regulatory filing
or report for the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(u)&nbsp;the
Trustee shall not be obligated to give any bond or other security for the performance of its duties hereunder; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(v)&nbsp;the
Trustee will not be liable for punitive, exemplary, consequential, special or other similar damages under any circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 5.7 Reliance; Advice of Counsel<FONT STYLE="font-size: 10pt"></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;In
the absence of bad faith, the Trustee may conclusively rely upon certificates or opinions furnished to the Trustee and conforming to the
requirements of this Trust Agreement in determining the truth of the statements and the correctness of the opinions contained therein,
and shall incur no liability to anyone in acting or not acting on any signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper
party or parties and need not investigate any fact or matter pertaining to any such document; provided, however, that the Trustee shall
have examined any certificates and opinions so as to reasonably determine compliance of such certificates and opinions with the requirements
of this Trust Agreement. The Trustee may accept a certified copy of a resolution of the board of directors or other governing body of
any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that such resolution is in full
force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed in this Trust Agreement,
the Trustee may for all purposes hereof rely on a certificate, signed by the president, any vice president, the treasurer or any other
authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Trustee
for any action taken or omitted to be taken by it in good faith in reliance thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;In
the exercise or administration of the Trust hereunder and in the performance of its duties and obligations under this Trust Agreement,
the Trustee, at the expense of the Trust (i) may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements
entered into with any of them, and the Trustee shall not be liable for the conduct or misconduct of such agents, attorneys, custodians
or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Trustee with reasonable care and (ii) may
consult with counsel, accountants and other skilled professionals to be selected with reasonable care by it. The Trustee shall not be
liable for anything done, suffered or omitted in good faith by it in accordance with the opinion or advice of any such counsel, accountant
or other such Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 5.8 Payments to the Trustee<FONT STYLE="font-size: 10pt"></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any amounts paid to the Trustee pursuant to this
Article V shall be deemed not to be a part of the Trust Estate immediately after such payment. Any amounts owing to the Trustee under
this Trust Agreement shall constitute a claim against the Trust Estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
VI<BR>
<BR>
THE SPONSOR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">SECTION 6.1 Management of the
Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Section 3806(b)(1) of the Delaware
Trust Statute, the Trust shall be managed by the Sponsor in accordance with this Trust Agreement. Pursuant to Section 3806(b)(7) of the
Delaware Trust Statute, the Sponsor may delegate, as provided herein, the duty and authority to manage the Trust. Any determination as
to what is in the interests of the Trust made by the Sponsor in good faith shall be conclusive and binding on all Shareholders and all
other persons or entities having an interest in the Trust. In construing the provisions of this Trust Agreement, the presumption shall
be in favor of a grant of power to the Sponsor. The enumeration of any specific power in this Trust Agreement shall not be construed as
limiting the aforesaid power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 6.2
Authority of Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to, and not in limitation of, any
rights and powers conferred by law or other provisions of this Trust Agreement, and except as limited, restricted or prohibited by the
express provisions of this Trust Agreement or the Delaware Trust Statute, the Sponsor shall have, and may exercise on behalf of the Trust,
all powers and rights necessary, proper, convenient or advisable to effectuate and carry out the purposes of the Trust, which powers and
rights shall include, without limitation, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;To
enter into, execute, accept, deliver and maintain, and to cause the Trust to perform its obligations under, contracts, agreements and
any or all other documents and instruments incidental to the Trust&rsquo;s purposes, including, but not limited to, contracts with third
parties to provide various services, it being understood that any document or instrument so executed or accepted by the Sponsor in the
Sponsor&rsquo;s name shall be deemed executed and accepted on behalf of the Trust by the Sponsor; provided, however, that such services
may be performed by an Affiliate or Affiliates of the Sponsor so long as the Sponsor has made a good faith determination that: (A) the
Affiliate that it proposes to engage to perform such services is qualified to do so (considering the prior experience of the Affiliate
or the individuals employed by the Affiliate); (B) the terms and conditions of the agreement pursuant to which such Affiliate is to perform
services for the Trust are no less favorable to the Trust than could be obtained from equally-qualified unaffiliated third parties; and
(C) the maximum period covered by the agreement pursuant to which such Affiliate is to perform services for the Trust shall not exceed
one year, and such agreement shall be terminable without penalty upon one hundred twenty (120) days&rsquo; prior written notice by the
Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;To
cause legal title to any Trust property to be held by or in the name of the Sponsor, or to have any contract entered into in the name
of the Sponsor, on such terms as the Sponsor may determine, with the same effect as if such property were held in the name of the Trust
or such contract were entered into in the name of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c)&nbsp;To
establish, maintain, deposit into, and sign checks and/or otherwise draw upon, accounts on behalf of the Trust with appropriate banking
and savings institutions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(d)&nbsp;To
deposit, withdraw, pay, retain and distribute the Trust Estate or any portion thereof in any manner consistent with the provisions of
this Trust Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(e)&nbsp;To
supervise the preparation of any offering materials for the Trust (including but not limited to offering memoranda and prospectuses) and
supplements and amendments thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(f)&nbsp;To
pay or authorize the payment of distributions to the Shareholders and expenses of the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(g)&nbsp;To
prepare, or cause to be prepared, and file, or cause to be filed, an application to enable the Shares to be traded on any listing exchange
or over-the-counter quotation or listing platform as determined by the Sponsor in its sole discretion and to take any other action and
execute and deliver any certificates or documents that may be necessary to effectuate such listing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(h)&nbsp;To
administer a staking program with associated policies and procedures on behalf of the Trust, to the extent the Sponsor in its sole discretion
determines that the Trust may do so without undue legal or regulatory risk, such as, without limitation, the risk of jeopardizing the
Trust's ability to qualify as a grantor trust for U.S. federal income tax purposes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(i)&nbsp;To
appoint one or more custodians or other security vendors as the Sponsor deems necessary in its sole discretion, including itself or any
Affiliate, to provide for custodian, security services or to determine not to appoint any custodian or other security vendors, and to
otherwise take any action with respect to the Ether Custodian or any custodians or other security vendors to safeguard the Trust Estate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(j)&nbsp;In
the sole and absolute discretion of the Sponsor, to admit an Affiliate or Affiliates of the Sponsor as additional Sponsors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(k)&nbsp;Delegate
those of its duties hereunder as it shall determine from time to time to one or more service providers, and add any additional service
providers, including but not limited to any sub-adviser, administrator, transfer agent, custodian(s), index provider, Authorized Participants,
marketing agent(s), insurer(s) and any other service provider(s) and cause the Trust to enter into contracts with such service provider(s)
if needed and as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(l)&nbsp;Perform
such other services as the Sponsor believes that the Trust may from time to time require;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(m)&nbsp;The
Sponsor has the right, in its sole discretion, to determine what action to take in connection with the Trust&rsquo;s entitlement to or
ownership of Incidental Rights or any IR Virtual Currency, and Trust may take any lawful action necessary or desirable in connection with
the Trust&rsquo;s ownership of Incidental Rights, including the acquisition of IR Virtual Currency, as determined by the Sponsor in the
Sponsor&rsquo;s sole discretion, unless such action would adversely affect the status of the Trust as a grantor trust for U.S. federal
income tax purposes or otherwise be prohibited by this Trust Agreement, it being understood that the actions which the Sponsor may, in
its sole discretion, determine the Trust shall take include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)&nbsp;arranging
for the sale of Incidental Rights and/or IR Virtual Currency and distributing the cash proceeds (net of expenses and any applicable withholding
taxes) to DTC to be distributed to Shareholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)&nbsp;distributing
Incidental Rights and/or IR Virtual Currency in-kind to DTC,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)&nbsp;using
Incidental Rights and/or IR Virtual Currency to pay the Sponsor fee and/or additional Trust expenses not assumed by the Sponsor, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iv)&nbsp;electing
not to acquire, claim, or obtain, and permanently and irrevocably abandoning, Incidental Rights or IR Virtual Currency for no consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(v)&nbsp;Without
limiting the generality of the foregoing, in the event of a hard fork of the Ethereum network, the Sponsor may, in reasonable good faith,
determine which peer-to-peer network, among a group of incompatible forks of the Ethereum network, is generally accepted as the Ethereum
network and should therefore be considered the appropriate network for the Trust&rsquo;s purposes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(n)&nbsp;In
general, to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any objective or the
furtherance of any power herein set forth, either alone or in association with others, and to do every other act or thing incidental or
appurtenant to, or growing out of or connected with, the aforesaid purposes, objects or powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, and without limiting the foregoing,
the Sponsor will have full power and authority, in its sole discretion, without seeking the approval of the Trustee or the Shareholders
(a) to establish and designate and to change in any manner and to fix such preferences, voting powers, rights, duties and privileges of
the Trust as the Sponsor may from time to time determine, (b) to divide the beneficial interest in the Trust into an unlimited amount
of shares, with or without par value, as the Sponsor will determine, (c) to issue shares without limitation as to number (including fractional
shares), to such persons and for such amount of consideration, subject to any restriction set forth in the Trust Agreement, if any, at
such time or times and on such terms as the Sponsor may deem appropriate, (d) to divide or combine the shares into a greater or lesser
number without thereby materially changing the proportionate beneficial interest of the shares in the assets held, and (e) to take such
other action with respect to the shares as the Sponsor may deem desirable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor may make such rules as it considers
appropriate for the issuance of share certificates, transfer of Shares and similar matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 6.3 Obligations
of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any fiduciary duties that would otherwise be imposed
on the Sponsor under the Delaware Trust Statute, at law or in equity are hereby eliminated and replaced entirely by the terms of this
Trust Agreement. The Sponsor shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;Devote
such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary
to carry out the purposes of the Trust, as set forth in Section 1.5, for the benefit of the Shareholders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;Execute,
file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for
the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c)&nbsp;Retain
independent public accountants to audit the accounts of the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(d)&nbsp;Employ
attorneys to represent the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(e)&nbsp;select
the Trust&rsquo;s Trustee, administrator, transfer agent, custodian(s), index provider, marketing agent(s), insurer(s) and any other service
provider(s) and cause the Trust to enter into contracts with such service provider(s);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(f)&nbsp;develop
a marketing plan for the Trust on an ongoing basis and prepare marketing materials regarding the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(g)&nbsp;maintain
the Trust&rsquo;s website;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(h)&nbsp;enter
into an Authorized Participant Agreement with each Authorized Participant and discharge the duties and responsibilities of the Trust and
the Sponsor thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(i)&nbsp;receive
directly or through its delegates from Authorized Participants and process or cause its delegates to process properly submitted purchase
orders, as will be described in the Trust Agreement and in the Authorized Participant Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(j) in
connection with purchase orders, receive directly or through its delegates the amount of ether in a Basket;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT>in
connection with purchase orders, after accepting a purchase order and receiving the corresponding amount of ether, either directly
or through its delegates, direct the Trust&rsquo;s Transfer Agent to credit the Baskets to fill the Authorized Participant&rsquo;s
purchase order;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(l)&nbsp;receive
directly or through its delegates from Authorized Participants and process or cause its delegates to process properly submitted redemption
orders, as will be described in the Trust Agreement and in the Authorized Participant Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(m)&nbsp;in
connection with redemption orders, after receiving a redemption order specifying the number of Baskets that the Authorized Participant
wishes to redeem and after the Transfer Agent&rsquo;s DTC account has been credited with the Baskets to be redeemed, directly or through
its delegates transfer to the redeeming Authorized Participant the quantity of cash attributable to the Shares redeemed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(n)&nbsp;assist
in the preparation and filing of reports and proxy statements (if any) to the Shareholders, the periodic updating of the Registration
Statement and Prospectus and other reports and documents for the Trust required to be filed by the Trust with the SEC and other governmental
bodies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(o)&nbsp;use
its best efforts to maintain the status of the Trust as a grantor trust for U.S. federal income tax purposes, including making such elections,
filing such tax returns, and preparing, disseminating and filing such tax reports, as it is advised by its counsel or accountants are
from time to time required by any statute, rule or regulation of the United States, any State or political subdivision thereof, or other
jurisdiction having taxing authority in respect of the Trust or its administration. The expense of accountants employed to prepare such
tax returns and tax reports will be an expense of the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(p)&nbsp;perform
such other services as the Sponsor believes the Trust may from time to time require; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(q)&nbsp;in
general, to carry out any other business in connection with or incidental to any of the foregoing powers, to do everything necessary,
suitable or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power herein set forth,
either alone or in association with others, and to do every other act or thing incidental or appurtenant or growing out of or connected
with the aforesaid business or purposes, objects or powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The foregoing clauses
of Section 6.2 and this Section 6.3 shall be construed both as objects and powers, and the foregoing enumeration of specific powers shall
not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by the Sponsor hereunder shall be deemed
an action on behalf of the Trust, and not an action in an individual capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 6.4
Liability of Covered Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Covered Person shall have no liability to the
Trust, any Shareholder or any other Covered Person for any loss suffered by the Trust which arises out of any action or inaction of such
Covered Person if such Covered Person, in good faith, determined that such course of conduct was in the best interest of the Trust and
such course of conduct did not constitute fraud, gross negligence, bad faith or willful misconduct of such Covered Person. Subject to
the foregoing, neither the Sponsor nor any other Covered Person shall be personally liable for the return or repayment of all or any portion
of the capital or profits of any Shareholder or assignee thereof, it being expressly agreed that any such return of capital or profits
made pursuant to this Trust Agreement shall be made solely from the assets of the Trust without any rights of contribution from the Sponsor
or any other Covered Person. A Covered Person shall not be liable for the conduct or misconduct of any delegatee selected by the Sponsor
with reasonable care.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor will not be liable to the Trust, the
Shareholders or to any other person for its good faith reliance on the provisions of the Trust Agreement or the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 6.5
Fiduciary Duty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;To
the extent that, at law or in equity, the Sponsor has duties (including fiduciary duties) and liabilities relating thereto to the Trust,
the Shareholders or any other Person, (i) all fiduciary duties are hereby eliminated and replaced entirely by the terms of this Trust
Agreement and (ii) the Sponsor acting under this Trust Agreement shall not be liable to the Trust, the Shareholders or to any other Person
for its good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement, to the extent that they
otherwise restrict or eliminate the duties and liabilities of the Sponsor otherwise existing at law or in equity are agreed by the parties
hereto to replace such other duties and liabilities of the Sponsor. To the fullest extent permitted by law, no Person other than the Sponsor
and the Trustee shall have any duties (including fiduciary duties) or liabilities at law or in equity to the Trust, the Shareholders or
any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;Unless
otherwise expressly provided herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)&nbsp;whenever
a conflict of interest exists or arises between the Sponsor or any of its Affiliates, on the one hand, and the Trust, any Shareholder
or any other Person, on the other hand; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)&nbsp;whenever
this Trust Agreement or any other agreement contemplated herein provides that the Sponsor shall act in a manner that is, or provides terms
that are, fair and reasonable to the Trust, any Shareholder or any other Person, the Sponsor shall resolve such conflict of interest,
take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such
conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry
practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Sponsor, the resolution,
action or terms so made, taken or provided by the Sponsor shall not constitute a breach of this Trust Agreement or any other agreement
contemplated herein or of any duty or obligation of the Sponsor at law or in equity or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c)&nbsp;The
Sponsor and any Affiliate of the Sponsor may engage in or possess an interest in profit-seeking or business ventures of any nature or
description, independently or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity,
or any analogous doctrine, shall not apply to the Sponsor. If the Sponsor acquires knowledge of a potential transaction, agreement, arrangement
or other matter that may be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity to the Trust,
and the Sponsor shall not be liable to the Trust or to the Shareholders for breach of any fiduciary or other duty by reason of the fact
that the Sponsor pursues or acquires for, or directs such opportunity to, another Person or does not communicate such opportunity or information
to the Trust. Neither the Trust nor any Shareholder shall have any rights or obligations by virtue of this Trust Agreement or the trust
relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of
such ventures, even if competitive with the purposes of the Trust, shall not be deemed wrongful or improper. Except to the extent expressly
provided herein, the Sponsor may engage or be interested in any financial or other transaction with the Trust, the Shareholders or any
Affiliate of the Trust or the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(d)&nbsp;To
the fullest extent permitted by law and notwithstanding any other provision of this Trust Agreement or in any agreement contemplated herein
or applicable provisions of law or equity or otherwise, whenever in this Trust Agreement a Person is permitted or required to make a decision
(a) in its &ldquo;sole discretion&rdquo; or &ldquo;discretion&rdquo; or under a grant of similar authority or latitude, the Person shall
be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation
to give any consideration to any interest of or factors affecting the Trust, the Shareholders or any other Person, or (b) in its &ldquo;good
faith&rdquo; or under another express standard, the Person shall act under such express standard and shall not be subject to any other
or different standard. The term &ldquo;good faith&rdquo; as used in this Trust Agreement shall mean subjective good faith as such term
is understood and interpreted under Delaware law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 6.6
Indemnification of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;The
Sponsor and any Covered Person shall be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts paid
in settlement of any claims arising out of or in connection with the performance of its obligations under the Trust Agreement or any actions
taken in accordance with the provisions of the Trust Agreement, provided that (i) the Sponsor was acting on behalf of, or performing services
for, the Trust and has determined, in good faith, that such course of conduct was in the best interests of the Trust and such liability
or loss was not the result of fraud, gross negligence, bad faith, willful misconduct, or a material breach of this Trust Agreement on
the part of the Sponsor and (ii) any such indemnification will be recoverable only from the Trust Estate. Any amounts payable to a Covered
Person under the Trust Agreement may be payable in advance or will be secured by a lien on the Trust. The Sponsor will not be under any
obligation to appear in, prosecute or defend any legal action that in its opinion may involve it in any expense or liability; provided,
however, that the Sponsor may, in its discretion, undertake any action that it may deem necessary or desirable in respect of the Trust
Agreement and the rights and duties of the parties hereto and the interests of the Shareholders and, in such event, the legal expenses
and costs of any such action will be expenses and costs of the Trust and the Sponsor will be entitled to be reimbursed therefor by the
Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;All
rights to indemnification permitted herein and payment of associated expenses shall not be affected by the dissolution or other cessation
of existence of the Sponsor, or the withdrawal, adjudication of bankruptcy or insolvency of the Sponsor, or the filing of a voluntary
or involuntary petition in bankruptcy under Title 11 of the Code by or against the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c)&nbsp;Notwithstanding
the provisions of Section 6.6(a) above, the Sponsor, any Authorized Participant and any other Person acting as a broker-dealer for the
Trust shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of U.S. federal or
state securities laws unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law
violations as to the particular indemnitee and the court approves the indemnification of such expenses (including, without limitation,
litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular
indemnitee and the court approves the indemnification of such expenses (including, without limitation, litigation costs) or (iii) a court
of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement
and related costs should be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(d)&nbsp;The
Trust shall not incur the cost of that portion of any insurance that insures any party against any liability, the indemnification of which
is herein prohibited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(e)&nbsp;Expenses
incurred in defending a threatened or pending civil, administrative or criminal action suit or proceeding against the Sponsor shall be
paid by the Trust in advance of the final disposition of such action, suit or proceeding if (i) the legal action relates to the performance
of duties or services by the Sponsor on behalf of the Trust; and (ii) the Sponsor undertakes to repay the advanced funds with interest
to the Trust in cases in which it is not entitled to indemnification under this Section 6.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(f)&nbsp;The
term &ldquo;Sponsor&rdquo; as used only in this Section 6.6 shall include, in addition to the Sponsor, any other Covered Person performing
services on behalf of the Trust and acting within the scope of the Sponsor&rsquo;s authority as set forth in this Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(g)&nbsp;In
the event the Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost
or expense as a result of or in connection with any Shareholder&rsquo;s (or assignee&rsquo;s) obligations or liabilities unrelated to
Trust business, such Shareholder (or assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust for all such
loss, liability, damage, cost and expense incurred, including attorneys&rsquo; and accountants&rsquo; fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 6.7
Expenses and Limitations Thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;Sponsor
fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)&nbsp;The Trust shall
pay to the Sponsor a fee (the &ldquo;Sponsor fee&rdquo;), payable in ether, which shall accrue daily in U.S. Dollars at an annual rate
equal to a percentage, to be determined by the Sponsor, of the Ether Holdings of the Trust as of 4:00 p.m. Eastern Time on each day,
provided that for a day that is not a Business Day, the calculation shall be based on the Index from the most recent Business Day. The
amount of ether payable in respect of each daily U.S. Dollar accrual shall be determined by reference to the same Index used to determine
such accrual. The Sponsor fee is payable to the Sponsor weekly in arrears.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii) To cause the
Trust to pay the Sponsor fee, the Sponsor shall instruct the Ether Custodian to withdraw from the Custody Account the number of
ether equal to the accrued but unpaid Sponsor fee and transfer such ether to an account maintained by the Ether Custodian for the
Sponsor at such times as the Sponsor determines in its absolute discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii) After the
payment of the Sponsor fee to the Sponsor, the Sponsor may elect to convert the Sponsor fee into U.S. Dollars. The Shareholders
acknowledge that the rate at which the Sponsor converts such ether to U.S. Dollars may differ from the rate at which the Sponsor fee
was initially converted into ether. The Trust shall not be responsible for any fees and expenses incurred by the Sponsor to convert
ether received in payment of the Sponsor fee into U.S. Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iv)&nbsp;As
partial consideration for receipt of the Sponsor fee, the Sponsor shall assume and pay all fees and other expenses incurred by the Trust
in the ordinary course of its affairs, excluding taxes, but including (i) the Marketing Fee, (ii) the Administrator Fee, if any, (iii)
the Ether Custodian Fee, (iv) the Transfer Agent Fee; (v) the Trustee fee, (vi) the fees and expenses related to any future listing, trading
or quotation of the Shares on any listing exchange or quotation system (including legal, marketing and audit fees and expenses), (vii)
ordinary course legal fees and expenses that are not litigation-related, up to $100,000 per annum, (viii) audit fees, (ix) regulatory
fees, including if applicable any fees relating to the registration of the Shares under the Securities Act or Exchange Act, (x) printing
and mailing costs; (xi) costs of maintaining the Trust&rsquo;s website and (xii) applicable license fees (each, a &ldquo;Sponsor-paid
Expense&rdquo; and together, the &ldquo;Sponsor-paid Expenses&rdquo;), provided that any expense that qualifies as an Additional Trust
Expense will be deemed to be an Additional Trust Expense and not a Sponsor-paid Expense. In the Sponsor&rsquo;s sole discretion, all or
any portion of a Sponsor-paid Expense may be redesignated as an Additional Trust Expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(v) In addition,
as partial consideration for arranging for Staking, the Sponsor shall be entitled to such additional compensation from the Trust or
another third party as set forth in the Sponsor Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;Additional
Trust Expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)&nbsp;The
Trust may incur certain extraordinary, non-recurring expenses that are not Sponsor-paid Expenses, including, but not limited to, taxes
and governmental charges, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on
behalf of the Trust to protect the Trust or the interests of Shareholders, any indemnification of the Ether Custodian, Administrator or
other agents, service providers or counterparties of the Trust, the fees and expenses related to the listing, and extraordinary legal
fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation
matters (collectively, &ldquo;Additional Trust Expenses&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c) The Sponsor
or its delegates shall direct the Ether Custodian to withdraw ether as needed from the Custody Account to pay the Sponsor fees (as
well as the Additional Trust Expenses, if any).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(d)&nbsp;The
Sponsor or any Affiliate of the Sponsor may be reimbursed only for the actual cost to the Sponsor or such Affiliate of any expenses that
it advances on behalf of the Trust for payment of which the Trust is responsible. In addition, payment to the Sponsor or such Affiliate
for indirect expenses incurred in performing services for the Trust in its capacity as the Sponsor (or an Affiliate of the Sponsor) of
the Trust, such as salaries and fringe benefits of officers and directors, rent or depreciation, utilities and other administrative items
generally falling within the category of the Sponsor&rsquo;s &ldquo;overhead,&rdquo; is prohibited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 6.8
Voluntary Withdrawal of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor may withdraw voluntarily as the Sponsor
of the Trust only upon one hundred and twenty (120) days&rsquo; prior written notice to all Shareholders and the Trustee. Following receipt
of such notice and if the withdrawing Sponsor is the last remaining Sponsor, Shareholders holding Shares equal to at least a majority
(over 50%) of the Shares (not including Shares held by the Sponsor) may vote to elect and appoint, effective as of a date on or prior
to the withdrawal, a successor Sponsor who shall carry on the business of the Trust. In the event of its withdrawal, the Sponsor shall
be entitled to a redemption of its Shares for a number of ether determined by dividing the number of ether owned by the Trust at such
time (reduced by the number of whole and fractional ether constituting accrued but unpaid fees and expenses of the Trust at such time)
by the number of Shares outstanding at such time (calculated to one one-hundred-millionth of one ether) and multiplying the quotient obtained
by the number of Shares to be redeemed. If the Sponsor withdraws and a successor Sponsor is named, the withdrawing Sponsor shall pay all
expenses as a result of its withdrawal.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 6.9
Litigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor is hereby authorized to prosecute,
defend, settle or compromise actions or claims at law or in equity as may be necessary or proper to enforce or protect the Trust&rsquo;s
interests. The Sponsor shall satisfy any judgment, decree or decision of any court, board or authority having jurisdiction or any settlement
of any suit or claim prior to judgment or final decision thereon, first, out of any insurance proceeds available therefor, next, out of
the Trust&rsquo;s assets and, thereafter, out of the assets (to the extent that it is permitted to do so under the various other provisions
of this Trust Agreement) of the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 6.10
Ownership of Sponsor; Insolvency of Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;
To the fullest extent permitted by law, nothing in this Trust Agreement shall be deemed to prevent the merger of the Sponsor with another
corporation or other entity, the reorganization of the Sponsor into or with any other corporation or other entity, the transfer of all
the capital stock of the Sponsor, the assumption of the rights, duties and liabilities of the Sponsor by, in the case of a merger, reorganization
or consolidation, the surviving corporation or other entity by operation of law or the transfer of the Sponsor&rsquo;s Shares; provided,
however, that if such merger, reorganization, transfer, or assumption is with an entity that is not an Affiliate of Sponsor immediately
prior to such merger, reorganization, transfer or assumption, the Sponsor shall provide notice to Shareholders at least thirty (30) days
prior to the completion of such transaction. Without limiting the foregoing, none of the transactions referenced in the preceding sentence
shall be deemed to be a voluntary withdrawal for purposes of Section 6.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;The
Sponsor shall not cease to be a Sponsor of the Trust merely upon the occurrence of its making an assignment for the benefit of creditors,
filing a voluntary petition in bankruptcy, filing a petition or answer seeking for itself any reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, filing an answer or other pleading admitting
or failing to contest material allegations of a petition filed against it in any proceeding of this nature or seeking, consenting to or
acquiescing in the appointment of a trustee, receiver or liquidator for itself or of all or any substantial part of its properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
VII<BR>
<BR>
SHAREHOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 7.1 No
Management or Control by Shareholders; Limited Liability; Exercise of Rights through an Authorized Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Shareholders shall not participate in the
management or control of the Trust nor shall they enter into any transaction on behalf of the Trust or have the power to sign for or bind
the Trust, said power being vested solely and exclusively in the Sponsor. Except as provided in Section 7.3, no Shareholder shall be bound
by, or be personally liable for, the expenses, liabilities or obligations of the Trust in excess of such Percentage Interest of the Trust
Estate. Except as provided in Section 7.3 hereof, each Share owned by a Shareholder shall be fully paid and no assessment shall be made
against any Shareholder. No salary shall be paid to any Shareholder in his capacity as a Shareholder, nor shall any Shareholder have a
drawing account or earn interest on its Percentage Interest of the Trust Estate. By the purchase and acceptance or other lawful delivery
and acceptance of Shares, each Shareholder shall be a beneficiary of the Trust and vested with beneficial undivided interest in the Trust
to the extent of the Shares owned beneficially by such Shareholder, subject to the terms and conditions of this Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 7.2
Rights and Duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Shareholders shall have the following rights,
powers, privileges, duties and liabilities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;All
Shareholders shall receive the share of the distributions provided for in this Trust Agreement in the manner and at the times provided
for in this Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;
Shareholders shall have the right to demand a redemption of their Shares only upon the dissolution and winding up of the Trust and only
to the extent of funds available therefor as provided in Section 12.2. In no event shall a Shareholder be entitled to demand or receive
property other than cash upon the dissolution and winding up of the Trust. No Shareholder shall have priority over any other Shareholder
as to distributions. A Shareholder shall not have any right to bring an action for partition against the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c)&nbsp;Shareholders
holding Shares representing at least a majority (over 50%) of the Shares (not including Shares held by the Sponsor and its Affiliates)
may vote to appoint a successor Sponsor as provided in Section 6.8 or to continue the Trust as provided in Section 12.1(a)(xii). Except
as set forth in this Section 7.2(c), Shareholders shall have no voting rights with respect to the Trust. For the avoidance of doubt, if
the Sponsor is a Shareholder, the provisions of this Article VII shall not limit the rights of the Sponsor in its role as Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 7.3
Limitation of Liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;Except
as provided in Section 6.6(f) and as otherwise provided under Delaware law, Shareholders shall be entitled to the same limitation of personal
liability extended to stockholders of private corporations for profit organized under the General Corporation Law of Delaware and no Shareholder
shall be liable for claims against or debts of the Trust in excess of such Shareholder&rsquo;s Percentage Interest of the Trust Estate,
except in the case of a Shareholder that is an Authorized Participant, in the event that the liability is founded upon misstatements or
omissions contained in such Shareholder&rsquo;s Authorized Participant Agreement. In addition, and subject to the exceptions set forth
in the immediately preceding sentence, the Trust shall not make a claim against a Shareholder with respect to amounts distributed to such
Shareholder or amounts received by such Shareholder upon redemption of such Shareholder&rsquo;s Shares unless, under Delaware law, such
Shareholders are liable to repay such amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;The
Trust shall indemnify to the full extent permitted by law and the other provisions of this Trust Agreement, and to the extent of the Trust
Estate, each Shareholder against any claims of liability asserted against such Shareholder solely because he is a beneficial owner of
one or more Shares as a Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 7.4
Derivative Actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the requirements set forth in Section
3816 of the Delaware Trust Statute, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions
are met:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a) The Shareholder or Shareholders
must make a pre-suit demand upon the Trustee to bring the subject action unless an effort to cause the Trustee to bring such an action
is not likely to succeed. For purposes of this Section 7.4(a), a demand on the Trustee shall only be deemed not likely to succeed and
therefore excused if the Trustee has a personal financial interest in the transaction at issue, and the Trustee shall not be deemed interested
in a transaction or otherwise disqualified from ruling on the merits of a Shareholder demand by virtue of the fact that the Trustee receives
remuneration for his or her service as the Trustees of the Trust or as a trustee or director of one or more trusts that are under common
management with or otherwise affiliated with the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Two or more Shareholders who are
eligible to bring such derivative action under the Delaware Trust Statute and who (i) are not Affiliates of one another and (ii) collectively
hold at least 10% of the outstanding Shares shall join in the request for the Trustee to commence such action unless a demand is not required
under paragraph (a) of this Section 7.4 and shall join in the bringing or maintaining of such action, suit or other proceeding unless
a demand is not required under paragraph (a) of this Section 7.4;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c) Unless a demand is not required
under paragraph (a) of this Section 7.4, the Trustee must be afforded a reasonable amount of time to consider such Shareholder request
and to investigate the basis of such claim. The Trustee shall be entitled to retain counsel or other advisors in considering the merits
of the request and shall require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any
such advisor in the event the Trustee determines not to take action; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d) Any decision by the Trustee to bring,
maintain, or compromise (or not to bring, maintain, or compromise) such court action, proceeding or claim, or to submit the matter to
a vote of Shareholders, shall be made by the Trustee in good faith and shall be binding upon the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to all suits, claims or other actions
(collectively, &ldquo;claims&rdquo;) that under applicable law must be brought as derivative claims, each Shareholder agrees that any
claim that affects all Shareholders of the Trust proportionately based on their number of Shares in the Trust must be brought as a derivative
claim subject to this Section 7.4 irrespective of whether such claim involves a violation of the Shareholder&rsquo;s rights under this
Trust Agreement or any other alleged violation of contractual or individual rights that might otherwise give rise to a direct claim (and
regardless, in each case, of whether such claims sound in tort, fraud or otherwise, or are based on common law, statutory, equitable,
legal or other grounds). Notwithstanding the foregoing, however, if a provision of this Section 7.4 is found to violate the U.S. federal
securities laws, including the 1940 Act, then such provision shall not apply to any claims asserted under such U.S. federal securities
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 7.5
Appointment&nbsp;of Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;By
the purchase and acceptance or other lawful delivery, acceptance or holding of the Shares, the Shareholders shall be deemed to agree that
the Sponsor may cause the Trust to appoint an agent to act on their behalf in connection with any distribution of Incidental Rights and/or
IR Virtual Currency if the Sponsor has determined in good faith that such appointment is reasonably necessary or in the best interests
of the Trust and the Shareholders in order to facilitate the distribution of any Incidental Rights and/or IR Virtual Currency. For the
avoidance of doubt, the Sponsor may cause the Trust to appoint the Sponsor or any of its Affiliates to act in such capacity. Any Person
appointed as agent of the Shareholders pursuant to this&nbsp;Section&nbsp;7.5&nbsp;shall receive an&nbsp;in-kind&nbsp;distribution of
Rights and/or IR Virtual Currency on behalf of the Shareholders of record with respect to such distribution and following receipt of any
such distribution, shall determine, in such Person&rsquo;s sole discretion and without any direction from the Trust or the Sponsor (in
its capacity as Sponsor of the Trust), whether and when to sell the distributed Incidental Rights and/or IR Virtual Currency on behalf
of the record date Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b) Any agent appointed pursuant to&nbsp;Section&nbsp;7.5(a)&nbsp;shall
not receive any compensation in connection with its role as agent. The foregoing notwithstanding, any such agent shall be entitled to
receive from any distribution of Incidental Rights and/or IR Virtual Currency, Incidental Rights and/or IR Virtual Currency with an aggregate
fair market value equal to the amount of administrative and other reasonable expenses incurred by such agent in connection with such&nbsp;in-kind&nbsp;distribution
of Incidental Rights and/or IR Virtual Currency, including expenses incurred by such agent in connection with any post-distribution sale
of such Incidental Rights and/or IR Virtual Currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 7.6 Business&nbsp;of
Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise specifically provided herein,
any of the Shareholders and any shareholder, officer, director, employee or other Person holding a legal or beneficial interest in an
entity that is a Shareholder, may engage in or possess an interest in business ventures of every nature and description, independently
or with others, and the pursuit of such ventures, even if competitive with the affairs of the Trust, shall not be deemed wrongful or improper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 7.7 Authorization
of Offering Materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Shareholder (or any permitted assignee thereof)
hereby agrees that the Trust, the Sponsor and the Trustee are authorized to execute, deliver and perform the agreements, acts, transactions
and matters contemplated hereby or described in, or contemplated by, the offering materials on behalf of the Trust without any further
act, approval or vote of the Shareholders, notwithstanding any other provision of this Trust Agreement, or as otherwise would have been
permissible under the Delaware Trust Statute or any applicable law, rule or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
VIII<BR>
<BR>
BOOKS OF ACCOUNT AND REPORTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">SECTION 8.1 Books of Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Proper books of account for the Trust shall be
kept and shall be audited annually by an independent certified public accounting firm selected by the Sponsor in its sole discretion,
and there shall be entered therein all transactions, matters and things relating to the Trust as are required by the applicable law and
regulations and as are usually entered into books of account kept by trusts. The books of account shall be kept at the principal office
of the Trust and no Shareholder shall have any right to inspect any account, book or document of the Trust that is not publicly available,
except as conferred by the Trustee. Such books of account shall be kept, and the Trust shall report its profits and losses on, the accrual
method of accounting for financial accounting purposes on a Fiscal Year basis as described in Article IX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 8.2 Quarterly
Updates, Annual Updates and Account Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor shall prepare and distribute or publish,
as required, such reports (periodic or otherwise) as required by applicable rules and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 8.3 Tax
Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Appropriate tax information (adequate to enable
each Shareholder to complete and file its U.S. federal tax return) shall be delivered by the Sponsor on behalf of the Trust as required
by applicable law as soon as practicable following the end of each Fiscal Year but, to the extent possible, no later than April 1 or as
otherwise required by applicable laws and regulations. All such information shall be prepared, and all of the Trust&rsquo;s tax filings
shall be filed, in a manner consistent with the treatment of the Trust as a grantor trust. The Trust shall comply with all U.S. federal
withholding requirements applicable to the Trust with respect to distributions to, or receipts of amounts on behalf of, Shareholders that
the Sponsor reasonably believes are applicable under the Code. The consent of Shareholders shall not be required for such withholding.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 8.4 Calculation
of NAV and NAV per Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor or its delegate shall calculate and
publish the Trust&rsquo;s Ether Holdings each Exchange Trading Day as of 4:00 pm Eastern Time, or as soon thereafter as practicable. In
order to calculate the Ether Holdings, the Sponsor shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1. Multiply the value of
the Index by the aggregate number of ether owned by the Trust as of 4:00 p.m., Eastern Time, on the immediately preceding day.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2. Add the U.S. Dollar value of ether, as calculated using the Index,
receivable under pending Creation Orders, if any, determined by multiplying the number of the Creation Baskets represented by such Creation
Orders by the Basket Deposit and then multiplying such product by the Index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3. Subtract the U.S. Dollar value of the ether, as calculated using the
Index, constituting the Sponsor fee, determined by multiplying the number of such ether by the Index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;Subtract
the Additional Trust Expenses, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5. Subtract the U.S. Dollar
value of the ether to be distributed under pending Redemption Orders, determined by multiplying the number of Redemption Baskets represented
by such Redemption Orders by the Basket Deposit and then multiplying such product by the Index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that the Sponsor determines that
the methodology used to determine the Index is not an appropriate basis for valuation of the Trust&rsquo;s ether, the Sponsor shall use
an alternative methodology as determined in the Sponsor's sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 8.5 Calculation
of Principal Market NAV and Principal Market NAV per Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to calculating NAV and NAV per Share,
for purposes of the Trust&rsquo;s financial statements, The Sponsor or its delegate shall calculate the Principal Market NAV and Principal
Market NAV per Share on each valuation date for such financial statements. The determination of the Principal Market NAV and Principal
Market NAV per Share shall be identical to the calculation of NAV and NAV per Share, respectively, except that the value of ether is determined
using the fair value of ether based on the price in the ether market on the Principal Market as of 4:00 p.m., Eastern Time, on the valuation
date, rather than using the Index.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trust shall adopt a valuation policy, which
provides for the procedure for valuing the Trust&rsquo;s assets. The policy shall also set forth the procedures to determine the Principal
Market for purposes of determining the Principal Market NAV and Principal Market NAV per Share in accordance with Financial Accounting
Standards Board Accounting Standards Codification 820-10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor on behalf of the Trust will determine
in its sole discretion the valuation sources and policies used to prepare the Trust&rsquo;s financial statements in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">SECTION 8.6 Maintenance of Records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor shall maintain for a period of
at least seven Fiscal Years (a) all books of account required by Section 8.1 hereof; (b) a copy of the Certificate of Trust and all
certificates of amendment thereto; (c) copies of the Trust&rsquo;s U.S. federal, state and local income tax returns and reports, if
any; (d) copies of any effective written Trust Agreements, Authorized Participant Agreements, including any amendments thereto; and
(e) any financial statements of the Trust. The Sponsor may keep and maintain the books and records of the Trust in paper, magnetic,
electronic or other format as the Sponsor may determine in its sole discretion, provided that the Sponsor shall use reasonable care
to prevent the loss or destruction of such records. If there is a conflict between this Section 8.5 and the rules and regulations of
any applicable regulatory authority or listing or quotation entity with respect to the maintenance of records, the records shall be
maintained pursuant to the rules and regulations of such applicable regulatory authority or listing or quotation entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
IX<BR>
<BR>
FISCAL YEAR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">SECTION 9.1 Fiscal Year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fiscal year of the Trust for financial accounting
purposes (the &ldquo;Fiscal Year&rdquo;) is the calendar year. The Sponsor may select an alternate fiscal year if it deems it to be in
the interest of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
X<BR>
<BR>
AMENDMENT OF TRUST AGREEMENT; MEETINGS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">SECTION 10.1 Amendments to the Trust
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;Except
as specifically provided herein, the Sponsor, in its sole discretion and without Shareholder consent, may amend or otherwise supplement
this Trust Agreement by making an amendment, an agreement supplemental hereto, or an amended and restated trust agreement. Any such restatement,
amendment and/or supplement hereto shall be effective on such date as designated by Sponsor in its sole discretion; provided that any
amendment to this Trust Agreement which materially adversely affects the interests of the Shareholders shall not be effective any earlier
than twenty (20) days after receipt by the affected Shareholders of a notice provided by the Sponsor with respect to any such amendment;
and provided further that the Sponsor shall not be permitted to make any such amendment, or otherwise supplement this Trust Agreement,
if such amendment or supplement would permit the Sponsor, the Trustee or any other Person to vary the investment of the Shareholders or
would otherwise adversely affect the status of the Trust as a grantor for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;Upon
amendment of this Trust Agreement, the Certificate of Trust shall also be amended, if required by the Delaware Trust Statute, to reflect
such change. At the expense of the Sponsor, the Trustee shall execute and file any amendment to the Certificate of Trust if so directed
by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c)&nbsp;To
the fullest extent permitted by law, no provision of this Trust Agreement may be amended, waived or otherwise modified orally but only
by a written instrument adopted in accordance with this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">SECTION 10.2 Meetings of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Meetings of the Shareholders may be called by
the Sponsor. The Sponsor shall provide written notice to all Shareholders thereof of the meeting and the purpose of the meeting, which
shall be held on a date not less than thirty (30) nor more than sixty (60) days after the date of mailing of said notice, at a reasonable
time and place. Any notice of meeting shall be accompanied by a description of the action to be taken at the meeting. Shareholders may
vote in person or by proxy at any such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">SECTION 10.3 Action Without a Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any action required or permitted to be taken by
Shareholders by vote may be taken without a meeting by written consent setting forth the actions so taken. Such written consents shall
be treated for all purposes as votes at a meeting. If the vote or consent of any Shareholder to any action of the Trust or any Shareholder,
as contemplated by this Trust Agreement, is solicited by the Sponsor, the solicitation shall be effected by notice to each Shareholder
given in the manner provided in Section 13.5. The vote or consent of each Shareholder so solicited shall be deemed conclusively to have
been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually received by that
Shareholder, unless the Shareholder expresses written objection to the vote or consent by notice given in the manner provided in Section
13.5 and actually received by the Trust within twenty (20) days after the notice of solicitation is sent. The Covered Persons dealing
with the Trust shall be entitled to act in reliance on any vote or consent that is deemed cast or granted pursuant to this Section 10.3
and shall be fully indemnified by the Trust in so doing. Any action taken or omitted in reliance on any such deemed vote or consent of
one or more Shareholders shall not be void or voidable by reason of any communication made by or on behalf of all or any of such Shareholders
in any manner other than as expressly provided in Section 13.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
XI<BR>
<BR>
TERM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 11.1 Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The term for which the Trust is to exist shall
be perpetual, unless terminated pursuant to the provisions of Article XII hereof or as otherwise provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
XII<BR>
<BR>
TERMINATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">SECTION 12.1 Events Requiring Dissolution
of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;The
Trust shall dissolve at any time upon the happening of any of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(i)&nbsp;Shares
are delisted from the Exchange and are not approved for listing on another national securities exchange within five business days of their
delisting;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ii)&nbsp;180
days have elapsed since the Trustee notified the Sponsor of the Trustee&rsquo;s election to resign or since the Sponsor removed the Trustee,
and a successor trustee has not been appointed and accepted its appointment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iii)&nbsp;the
SEC determines that the Trust is an investment company under the 1940 Act, and the Sponsor has made the determination that termination
of the Trust is advisable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(iv)&nbsp;the
CFTC determines that the Trust is a commodity pool under the Commodity Exchange Act, and the Sponsor has made the determination that termination
of the Trust is advisable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(v)&nbsp;the
Trust is determined to be a &ldquo;money service business&rdquo; under the regulations promulgated by FinCEN under the authority of the
US Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder or is determined to be a &ldquo;money transmitter&rdquo;
(or equivalent designation) under the laws of any state in which the Trust operates and is required to seek licensing or otherwise comply
with state licensing requirements, and the Sponsor has made the determination that termination of the Trust is advisable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(vi) a United
States regulator requires the Trust to shut down or forces the Trust to liquidate its ether;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(vii)&nbsp;any
ongoing event exists that either prevents the Trust from making or makes impractical the Trust&rsquo;s</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(viii) reasonable
efforts to make a fair determination of the price of ether for purposes of determining the NAV of the Trust;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(ix)&nbsp;the
Sponsor determines that the aggregate net assets of the Trust in relation to the operating expenses of the Trust make it unreasonable
or imprudent to continue the business of the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(x)&nbsp;the
Trust fails to qualify for treatment, or ceases to be treated, as a &ldquo;grantor trust&rdquo; under the Code or any comparable provision
of the laws of any State or other jurisdiction where that treatment is sought, and the Sponsor determines that, because of that tax treatment
or change in tax treatment, termination of the Trust is advisable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(xi)&nbsp;60
days have elapsed since DTC or another depository has ceased to act as depository with respect to the Shares, and the Sponsor has not
identified another depository that is willing to act in such capacity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(xii)&nbsp;the
Trustee, at the written direction of the Shareholders, elects to terminate the Trust after the Sponsor is conclusively deemed to have
resigned effective immediately as a result of the Sponsor being adjudged bankrupt or insolvent, or a receiver of the Sponsor or of its
property being appointed, or a trustee or liquidator or any public officer taking charge or control of the Sponsor or of its property
or affairs for the purpose of rehabilitation, conservation or liquidation and a successor sponsor has not been appointed; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">(xiii)&nbsp;the
Sponsor elects to terminate the Trust after the Trustee, Administrator or the Ether Custodian (or any successor trustee, administrator
or custodian) resigns or otherwise ceases to be the trustee, administrator or custodian of the Trust, as applicable, and no replacement
trustee, administrator and/or custodian acceptable to the Sponsor is engaged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">In respect of termination
events that rely on Sponsor determinations to terminate the Trust (e.g., if the SEC determines that the Trust is an investment company
under the 1940 Act; the CFTC determines that the Trust is a commodity pool under the CEA; the Trust is determined to be a money transmitter
under the regulations promulgated by FinCEN; the Trust fails to qualify for treatment, or ceases to be treated, as a grantor trust for
U.S. federal income tax purposes; or, following a resignation by a trustee or custodian, the Sponsor determines that no replacement is
acceptable to it), the Sponsor may consider, without limitation, the profitability to the Sponsor and other service providers of the operation
of the Trust, any obstacles or costs relating to the operation or regulatory compliance of the Trust relating to the determination&rsquo;s
triggering event, and the ability to market the Trust to investors. To the extent that the Sponsor determines to continue operation of
the Trust following a determination&rsquo;s triggering event, the Trust will be required to alter its operations to comply with the triggering
event. In the instance of a determination that the Trust is an investment company, the Trust and Sponsor would have to comply with the
regulations and disclosure and reporting requirements applicable to investment companies and investment advisers. In the instance of a
determination that the Trust is a commodity pool, the Trust and the Sponsor would have to comply with regulations and disclosure and reporting
requirements applicable to commodity pools and commodity pool operators or commodity trading advisers. In the event that the Trust is
determined to be a money transmitter, the Trust and the Sponsor will have to comply with applicable federal and state registration and
regulatory requirements for money transmitters and/or money service businesses. In the event that the Trust ceases to qualify for treatment
as a grantor trust for U.S. federal income tax purposes, the Trust will be required to alter its disclosure and tax reporting procedures
and may no longer be able to operate or to rely on pass-through tax treatment. In each such case and in the case of the Sponsor&rsquo;s
determination as to whether a potential successor trustee or custodian is acceptable to it, the Sponsor will not be liable to anyone for
its determination of whether to continue or to terminate the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;The
death, legal disability, bankruptcy, insolvency, dissolution, or withdrawal of any Shareholder shall not result in the termination of
the Trust, and such Shareholder, his estate, custodian or personal representative shall have no right to a redemption of such Shareholder&rsquo;s
Shares. Each Shareholder (and any assignee thereof) expressly agrees that in the event of his death, he waives on behalf of himself and
his estate, and he directs the legal representative of his estate and any person interested therein to waive, the furnishing of any inventory,
accounting or appraisal of the Trust Estate and any right to an audit or examination of the books of the Trust, except for such rights
as are set forth in Article VIII hereof relating to the books of account and reports of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 12.2 Distributions on
Dissolution<FONT STYLE="font-size: 10pt"></FONT>. Upon the dissolution of the Trust, the Sponsor (or in the event there is no
Sponsor, such person (the &ldquo;Liquidating Trustee&rdquo;) as the majority in interest of the Shareholders may propose and approve
and who agrees to serve hereunder) shall take full charge of the Trust Estate. Any Liquidating Trustee so appointed shall have and
may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Sponsor
under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise
of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and
expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the affairs of the Trust shall
be wound up and all assets owned by the Trust shall be liquidated as promptly as is consistent with obtaining the fair value
thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of
liquidation and termination and to creditors, including Shareholders who are creditors, to the extent otherwise permitted by law, in
satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof) other than
liabilities for distributions to Shareholders, and (b) to the Shareholders pro rata in accordance with their respective Percentage
Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 12.3 Termination; Certificate of Cancellation<FONT STYLE="font-size: 10pt"></FONT>.
Following the dissolution and windup of the Trust, including distribution of the assets of the Trust, the Trust shall terminate and
the Sponsor or the Liquidating Trustee, as the case may be, shall instruct the Trustee to execute and cause such certificate of
cancellation of the Certificate of Trust to be filed in accordance with the Delaware Trust Statute at the expense of the Sponsor or
the Liquidating Trustee, as the case may be. Notwithstanding anything to the contrary contained in this Trust Agreement, the
existence of the Trust as a separate legal entity shall continue until the filing of such certificate of cancellation. Upon the
termination of the Trust, the Sponsor will be discharged from all obligations under the Trust Agreement except for its certain
obligations that survive termination of the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 12.4 Notice. The
Sponsor will notify Shareholders at least 30 days before the date for termination of the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">ARTICLE
XIII<BR>
<BR>
MISCELLANEOUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 13.1 Governing Law. The validity and construction of this
Trust Agreement and all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto
and the effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard
to the conflict of laws provisions thereof; provided, however, that (other than with respect to the Trustee) causes of action for violations
of U.S. federal or state securities laws shall not be governed by this Section 13.1, and provided, further, that the parties hereto intend
that the provisions hereof shall control over any contrary or limiting statutory or common law of the State of Delaware (other than the
Delaware Trust Statute) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust, the
Trustee, the Sponsor, the Shareholders or this Trust Agreement any provision of the laws (statutory or common) of the State of Delaware
(other than the Delaware Trust Statute) pertaining to trusts that relate to or regulate in a manner inconsistent with the terms hereof:
(a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative
requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the necessity for obtaining court or other governmental
approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees,
officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or
limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage
or other manner of holding of trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or limitations
on the acts or powers of trustees or managers that are inconsistent with the limitations on liability or authorities and powers of the
Trustee or the Sponsor set forth or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Code shall not apply
to the Trust. The Trust shall be of the type commonly called a &ldquo;statutory trust,&rdquo; and without limiting the provisions hereof,
but subject to Sections 1.5 and 1.6, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust under
Delaware law. Subject to Sections 1.5 and 1.7, the Trust specifically reserves the right to exercise any of the powers or privileges
afforded to statutory trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that
the Trust may not exercise such power or privilege or take such actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 13.2 Provisions
In Conflict With Law or Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;The
provisions of this Trust Agreement are severable, and if the Sponsor shall determine, with the advice of counsel, that any one or more
of such provisions (the &ldquo;Conflicting Provisions&rdquo;) are in conflict with the Code, the Delaware Trust Statute, the Securities
Act or other applicable U.S. federal or state laws or the rules and regulations of any applicable regulatory authority or listing or quotation
entity, the Conflicting Provisions shall be deemed never to have constituted a part of this Trust Agreement, even without any amendment
of this Trust Agreement pursuant to this Trust Agreement; provided, however, that such determination by the Sponsor shall not affect or
impair any of the remaining provisions of this Trust Agreement or render invalid or improper any action taken or omitted prior to such
determination. No Sponsor or Trustee shall be liable for making or failing to make such a determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;If
any provision of this Trust Agreement shall be held invalid or unenforceable in any jurisdiction, such holding shall not in any manner
affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Trust Agreement in any
jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 13.3 Merger and Consolidation. Subject to the provisions
of Section 1.5, the Sponsor may cause (i) the Trust to be merged into or consolidated with, converted to or to sell all or
substantially all of its assets to, another trust or entity; (ii) the Shares of the Trust to be converted into beneficial interests
in another statutory trust (or series thereof); or (iii) the Shares of the Trust to be exchanged for shares in another trust or
company under or pursuant to any U.S. state or federal statute to the extent permitted by law. For the avoidance of doubt, subject
to the provisions of Section 1.5, the Sponsor, with written notice to the Shareholders, may approve and effect any of the
transactions contemplated under (i), (ii) and (iii) above without any vote or other action of the Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 13.4 Construction<FONT STYLE="font-size: 10pt"></FONT>.
In this Trust Agreement, unless the context otherwise requires, words used in the singular or in the plural include both the plural
and singular and words denoting any gender include all genders. The title and headings of different parts are inserted for
convenience and shall not affect the meaning, construction or effect of this Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECTION 13.5 Notices. All notices or communications under this Trust
Agreement (other than notices of pledge or encumbrance of Shares, and reports and notices by the Sponsor to the Shareholders) shall be
in writing and shall be effective upon personal delivery, or if sent by mail, postage prepaid, or if sent electronically, including by
electronic mail or other forms of electronic communication, by facsimile or by overnight courier, and addressed, in each such case, to
the address set forth in the books and records of the Trust or such other address as may be specified in writing, of the party to whom
such notice is to be given, upon the deposit of such notice in the United States mail, upon transmission and electronic confirmation
thereof or upon deposit with a representative of an overnight courier, as the case may be. Notices of pledge or encumbrance of Shares
shall be effective upon timely receipt by the Sponsor in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All notices that are required to be provided to
the Trustee shall be sent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">CSC Delaware Trust Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Attention: Corporate Trust Administration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">251 Little Falls Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Wilmington, DE 19808</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All notices that the Trustee is required to provide
shall be sent to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">if to the Trust, at</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">21SHARES ETHEREUM ETF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">c/o 21Shares US LLC, as Sponsor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">477 Madison Avenue, 6th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">New York, New York 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Attn: legal@21shares.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">if to the Sponsor, at</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">21Shares US LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">477 Madison Avenue, 6th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">New York, New York 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Attn: legal@21shares.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 13.6 Counterparts<FONT STYLE="font-size: 10pt"></FONT>.
This Trust Agreement may be executed in several counterparts, and all so executed (including those by facsimile or other electronic means)
shall constitute one agreement, binding on all of the parties hereto, notwithstanding that all the parties are not signatory to the original
or the same counterpart. This Trust Agreement, to the extent signed and delivered by means of a facsimile machine or other electronic
transmission, shall be treated in all manner and respects as an original agreement and shall be considered to have the same binding legal
effect as if it were the original signed version thereof delivered in person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 13.7 Binding
Nature of Trust Agreement<FONT STYLE="font-size: 10pt"></FONT>. The terms and provisions of this Trust Agreement shall be binding
upon and inure to the benefit of the heirs, custodians, executors, estates, administrators, personal representatives, successors and
permitted assigns of the respective Shareholders. For purposes of determining the rights of any Shareholder or assignee hereunder, the
Trust and the Sponsor may rely upon the Trust records as to who are Shareholders and permitted assignees, and all Shareholders and assignees
agree that the Trust and the Sponsor, in determining such rights, shall rely on such records and that Shareholders and their assignees
shall be bound by such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 13.8 No
Legal Title to Trust Estate<FONT STYLE="font-size: 10pt"></FONT>. Subject to the provisions of Section 1.8 in the case of the
Sponsor, the Shareholders shall not have legal title to any part of the Trust Estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 13.9 Creditors<FONT STYLE="font-size: 10pt"></FONT>.
No creditors of any Shareholders shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with
respect to, the Trust Estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 13.10 Integration<FONT STYLE="font-size: 10pt"></FONT>.
This Trust Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes
all prior agreements and understandings pertaining thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 13.11
Goodwill; Use of Name<FONT STYLE="font-size: 10pt"> </FONT>. No value shall be placed on the name or goodwill of the Trust,
which shall belong exclusively to 21Shares US LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: 0in">SECTION 13.12 Jurisdiction;
Venue; Waiver of Jury Trial<FONT STYLE="font-size: 10pt"></FONT>. <B>EACH OF THE PARTIES HERETO HEREBY AGREES TO THE EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE, AND THE FEDERAL COURTS LOCATED WITHIN THE STATE OF DELAWARE. EACH OF THE PARTIES
HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY
OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. TO
THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE,
WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO OR INCIDENTAL TO
THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE
RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">SECTION
13.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT>Corporate Transparency Act. The Corporate
Transparency Act (31 U.S.C. &sect; 5336) and its implementing regulations (collectively, the &ldquo;CTA&rdquo;), may require the
Trust to file reports with the U.S. Financial Crimes Enforcement Network. It shall be the Sponsor&rsquo;s duty, and not the
Trustee&rsquo;s duty, to prepare such filings, cause the Trust to make such filings, and to cause the Trust to comply with its
obligations under the CTA, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: 0in">SECTION
13.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT>Direction to the Trustee. The Sponsor, by its
execution hereof, hereby authorizes and directs the Trustee to execute and deliver this Trust Agreement on the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><I>[Remainder of page left blank]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I></I>&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned have duly executed
this Third Amended and Restated Trust Agreement as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">CSC DELAWARE TRUST COMPANY, as Trustee</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">/s/ James L. Grier</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>James L. Grier</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Vice President</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">21Shares US LLC, as Sponsor of 21Shares Ethereum ETF</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">/s/ Duncan Moir</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp; </TD>
    <TD>Duncan Moir</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: </TD>
    <TD>President</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[<I>Signature Page to Third
A&amp;R Trust Agreement of 21Shares Ethereum ETF</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM OF CERTIFICATE OF TRUST</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>ea026051901ex8-1_21shares.htm
<DESCRIPTION>LEGAL OPINION OF DECHERT LLP
<TEXT>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 8.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; width: 60%; vertical-align: bottom"><IMG SRC="ex8-1_001.jpg" ALT=""></TD>
  <TD STYLE="text-align: left; width: 40%; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dechert LLP<BR>
</B>1900 K Street, N.W.<BR>
Washington, DC 20006-1110<BR>
+1 202 261 3300 Main<BR>
+1 202 261 3333 Fax</P>
</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">October 8, 2025</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">21Shares US LLC<BR>
 477 Madison Avenue, 6th Floor<BR>
 New York, New York 10022</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">CSC Delaware Trust Company<BR>
 Attention: Corporate Trust Administration<BR>
 251 Little Falls Drive <BR>
Wilmington, DE 19808 &nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ladies and Gentlemen:&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are acting as U.S. tax counsel to 21Shares Ethereum ETF (the &ldquo;Trust&rdquo;),
a Delaware statutory trust, formed on September 5, 2023 and as amended as of October 8, 2025, pursuant to the Delaware Statutory Trust
Act, in connection with the preparation of a Registration Statement on Form S-1 (the &ldquo;Registration Statement&rdquo;) filed with
the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on the date hereof.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In rendering this opinion, we have examined the Registration Statement
and such other documents and materials as we have deemed necessary or appropriate to review for purposes of our opinion and have made
such investigations of law as we have deemed appropriate as a basis for the opinion expressed below. In addition, in rendering this opinion,
we have relied upon and have assumed, with your permission, the accuracy of the statements contained in the Registration Statement, and
that the Trust will operate in the manner discussed in its organizational documents and the prospectus included in the Registration Statement
(the &ldquo;Prospectus&rdquo;).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our opinion is based on the U.S. Internal Revenue Code of 1986, as
amended (the &ldquo;Code&rdquo;), the U.S. Treasury Regulations promulgated thereunder, and administrative and judicial interpretations
thereof, all as of the date hereof and all of which are subject to change, possibly on a retroactive basis. In rendering this opinion,
we are expressing our views only as to United States federal income tax law.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on and subject to the foregoing, the discussion relating to tax
matters under the heading &ldquo;United States Federal Income Tax Consequences&rdquo; in the Prospectus (subject to the qualifications
contained therein) expresses our opinion as to the material aspects of the United States federal income tax treatment to a Shareholder,
as of the date hereof, of the acquisition, ownership and disposition of a Share pursuant to the Prospectus.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our opinion relies on, and is subject to, the facts, representations
and assumptions set forth or referenced herein. Any inaccuracy or subsequent change in such facts, representations or assumptions could
adversely affect our opinion.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the filing with the SEC of this letter as an exhibit
to the Registration Statement and the reference to this letter and to us under the heading &ldquo;United States Federal Income Tax Consequences&rdquo;
in the Prospectus. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required
under Section 7 of the Securities Act of 1933.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Dechert LLP</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>ea026051901ex10-1_21shares.htm
<DESCRIPTION>MASTER INFRASTRUCTURE-AS-A-SERVICE AGREEMENT, EFFECTIVE AS OF OCTOBER 7, 2025, BY AND BETWEEN COINBASE CRYPTO AND THE TRUST
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.1</B></FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MASTER INFRASTRUCTURE-AS-A-SERVICE AGREEMENT
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-weight: normal">This
Master Infrastructure-as-a-Service Agreement (including any applicable Exhibits and Order Schedules attached hereto, as amended and
in effect from time to time, this &ldquo;</FONT>Agreement<FONT STYLE="font-weight: normal">&rdquo;), effective as of
(&ldquo;</FONT>Effective Date<FONT STYLE="font-weight: normal">&rdquo;), is by and between Coinbase Crypto Services, LLC, a Delaware
limited liability company (&ldquo;</FONT>Coinbase <FONT STYLE="font-weight: normal">&ldquo;), and 21Shares Ethereum ETF, a Delaware
statutory trust (&ldquo;</FONT>Customer<FONT STYLE="font-weight: normal">&rdquo;). Coinbase and Customer may each be referred to
individually as a &ldquo;party&rdquo; and collectively as the &ldquo;parties&rdquo;. Coinbase and Customer hereby agree as
follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>1. DEFINITIONS.
</B></FONT>The definitions for some of the defined terms used in this Agreement are set forth below. The definitions for other defined
terms are set forth elsewhere in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Affiliate</B>&rdquo; means with respect
to any specified party, any other natural person or entity that, directly or indirectly, controls, is controlled by, or is under common
control with such specified party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Authorized Users</B>&rdquo; means Customer&rsquo;s
employees and agents whom Customer authorizes to access or use the Coinbase Services, whether directly or indirectly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Coinbase Services</B>&rdquo;<B><I>&nbsp;</I></B>means
the Hosted Service and Managed Services, as applicable based on a particular Order Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Blockchain</B>&rdquo; means a distributed
ledger or database recording transactions in a Digital Asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Customer Data</B>&rdquo; means any and
all non-public data and information pertaining to Customer, its Authorized Users, Representatives and end users, if any, that may be provided
by or on behalf of Customer to Coinbase in connection with the Coinbase Services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Customer&rsquo;s Cluster</B>&rdquo;
means the Customer&rsquo;s dedicated node and/or group of nodes hosted by Coinbase on the Platform for a Supported Network in connection
with the Hosted Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Digital Asset</B>&rdquo; means any digital
currency, cryptocurrency, decentralized application token, protocol token, smart contract, Blockchain-based asset, stablecoin, cryptoasset
and other cryptofinance and digital assets and instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Documentation</B>&rdquo;<B><I>&nbsp;</I></B>means
all documentation (whether in hard copy, electronic, or digital form), including without limitation, all user guides, technical documentation,
manuals, descriptions, provisioning scripts, instructions, drawings, file layouts, flow-charts, screen layouts, specifications, and other
written materials or information designed to provide guidance or instruction regarding the implementation, operation, maintenance, or
use of the Coinbase Services that is provided to Customer by Coinbase, if any, and as may be updated by Coinbase from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Enterprise Node</B>&rdquo; means any
authorized use of or access to Customer&rsquo;s Cluster in connection with the Hosted Services that does not constitute Network Participation,
including submitting transactions and querying nodes for publicly available transaction data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Hosted Service</B>&rdquo;<B><I>&nbsp;</I></B>means,
with respect to the Supported Network, access to the Customer&rsquo;s Cluster on the Platform, hosted by Coinbase or its contracted Affiliates
and made available to Customer for the purpose of Network Participation and/or Delegation. The Hosted Service includes support for eligible
changes, improvements, extensions or other new versions thereof that are developed by the Supported Network and made available to Customer
in Coinbase, sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Intellectual Property Rights</B>&rdquo;
means all intellectual and industrial property rights, whether now existing or existing in the future, including without limitation, (i)&nbsp;all
patent rights, including any rights in pending patent applications and any related rights; (ii)&nbsp;all copyrights and other related
rights throughout the world in works of authorship, including all registrations and applications therefor; (iii)&nbsp;all trademarks,
service marks, trade dress, or other proprietary trade designations, including all registrations and applications therefor; (iv)&nbsp;all
rights throughout the world to proprietary know-how, trade secrets, and other Confidential Information, whether arising by law or pursuant
to any contractual obligation of non-disclosure; and (v)&nbsp;all other rights covering industrial or intellectual property recognized
in any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Managed Services</B>&rdquo; means, (i)
development, upgrades, migration, integration, testing, conversion, monitoring, maintenance, consulting, or other services and deliverables,
related to the Hosted Services but not otherwise provided as part of the Hosted Services; and (ii) any additional Blockchain services
as may be set forth in an applicable Order Schedule or Service Level Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Network Participation</B>&rdquo; means
the process of participating in and/or exercising one&rsquo;s rights and powers with respect to a Supported Network in accordance with
the Network Protocol, which may include staking, validating, generating or approving blocks of transactions to be added to a particular
Blockchain, helping to secure the Supported Network or otherwise engaging with or participating on the Supported Network in connection
with the Hosted Services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Network Protocol</B>&rdquo; means the
rules governing the inclusion of transactions in and the determination of the canonical version of a Blockchain (or of a layer-2 protocol
built on a Blockchain).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Participatory Rewards</B>&rdquo; means
any Digital Asset native to or recognized by the Supported Network that, if applicable, Customer&rsquo;s Cluster earns as a result of
Customer&rsquo;s use of the Hosted Service, including rewards earned by Customer&rsquo;s end users and delegators, to the extent such
end users or delegators have staked their Digital Assets to Customer&rsquo;s Cluster. For the avoidance of doubt, Participatory Rewards
may not be applicable to or available for every Supported Network.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Platform</B>&rdquo;<B><I>&nbsp;</I></B>means
the system and/or interface through which the Coinbase Services are provided to Customer and includes, without limitation, all ideas,
concepts, inventions, systems, platforms, nodes, clusters, software, interfaces, tools, utilities, templates, forms, techniques, methods,
processes, algorithms, know-how, Intellectual Property Rights, trade secrets and other technologies, implementations and information that
are proprietary to or used by Coinbase (which may be licensed from a contracted Affiliate) in connection with providing the Coinbase Services
or as otherwise related to its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Reimbursable Event&rdquo;</B> means
an event where a Service Default as defined below occurs that disrupts Customer&rsquo;s Network Participation in connection with the Hosted
Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Representatives</B>&rdquo; means a party&rsquo;s
respective Affiliates, subsidiaries, officers, directors, employees, and agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Service Default</B>&rdquo; means the
occurrence of one of the following events resulting in an impact to the Hosted Services: (a) Coinbase&rsquo;s infrastructure fails to
switch from one region to another region due to a region-based outage; (b) Coinbase&rsquo;s infrastructure fails to switch from one provider
to another provider due to a provider-based outage; (c) a memory leak in the Network Protocol for a Supported Network; and (d) single,
isolated faults in the Network Protocol for a Supported Network causing process crashes (but excluding recurring bugs or issues that regularly
arise in the Blockchain); and (e) failure of Coinbase to switch off one node before switching on another node to avoid double signing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Service Fees</B>&rdquo; means all fees
due to Coinbase for the Coinbase Services, including without limitation, the Subscription Fees, Participatory Fees and any other fees
or costs set forth in each applicable Order Schedule. For the avoidance of doubt, Service Fees may vary depending on the applicable Supported
Network and other factors, as determined by Coinbase in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Supported Network</B>&rdquo; means any
Network Protocol and/or Blockchain that is (i) supported by Coinbase, as determined by Coinbase in its sole discretion, and (ii) explicitly
set forth on an applicable Order Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>2. COINBASE
SERVICES.</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.1 Order Schedules. <FONT STYLE="font-weight: normal">This
Agreement will be implemented through one or more written orders that reference this Agreement and contain such information as generally
illustrated in <U>Exhibit A</U> attached hereto, setting forth the applicable Coinbase Services, the Supported Network(s) and Service
Fees (&ldquo;Order Schedules&rdquo;). Unless explicitly set forth otherwise, the terms of each Order Schedule, including without limitation,
the Service Fees and any addition or change to or deviation from the terms of this Agreement, will apply only with respect to the Coinbase
Services and Supported Network(s) specified in such Order Schedule. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2.2 Hosted Service. </B>Subject to all terms
and conditions of this Agreement, including without limitation, Section 2.4, Coinbase will (a) use commercially reasonable efforts to
operate the Platform in connection with making the Hosted Service available to Customer in accordance with this Agreement; and (b) make
the Documentation available to Customer for use solely in connection with the Coinbase Services. Coinbase reserves the right to modify
the Coinbase Services (in whole or in part) at any time, provided that, during the term of this Agreement, Coinbase will not materially
reduce the overall functionality of the Hosted Services without providing prior written notice to Customer. Notwithstanding the foregoing,
Coinbase reserves the right to discontinue support for (or abandon plans to begin supporting) any Network Protocol, as determined in its
sole discretion, provided that Coinbase will make commercial reasonable efforts to provide as much prior notice to Customer as is practicable
under the circumstances. Coinbase may provide the Coinbase Services, or portions thereof, directly, or indirectly through one or more
of its Affiliates or by using contractors or other third-party vendors, provided that Coinbase shall remain liable for the performance
of such Affiliates or third-party contractors or vendors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2.3 Support.</B> Coinbase will use commercial
best efforts to provide Customer with technical support and updates for the Hosted Service as set forth in <U>Exhibit B</U> attached hereto,
either directly or through its contracted Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2.4 Limitations.</B>&nbsp;(a)&nbsp;Customer&rsquo;s
delay in or failure to take any actions upon which Coinbase&rsquo;s performance is dependent; (b) Customer&rsquo;s failure to use the
Coinbase Services in accordance with Coinbase&rsquo;s requirements, including without limitation, the Documentation and Coinbase&rsquo;s
Terms of Service (available at: https://www.coinbase.com/legal//terms-of-service and as may be amended from time to time) (&ldquo;<B>Terms
of Service</B>&rdquo;); (c)&nbsp;Customer&rsquo;s failure to act in accordance with the Network Protocol; (d) failures, outages, unsupported
material operating changes or other disruptions in any Blockchain, Network Protocol, Supported Network, telecommunications or other network,
software, hardware, service, equipment or other system or service provider that are not within Coinbase&rsquo;s reasonable control; (e)&nbsp;Customer&rsquo;s
products or services, or Customer&rsquo;s (or its Authorized User&rsquo;s, Representative&rsquo;s or end user&rsquo;s) negligence, willful
misconduct, or unauthorized acts or omissions, unless caused in part or in whole by Coinbase&rsquo;s gross negligence or willful misconduct;
(f)&nbsp;any Force Majeure Event (defined below) or other cause beyond Coinbase&rsquo;s reasonable control; (g)&nbsp;Maintenance (as defined
in Exhibit B), or other scheduled unavailability related to Managed Services, if reasonable notice is provided; (h)&nbsp;unauthorized
access, breach of firewalls or other hacking by third parties, except to the extent such access, breach or hacking is caused by Coinbase&rsquo;s
gross negligence or willful misconduct or intentional violation of law; (i) infringement of a third party&rsquo;s intellectual property;
and (j) except as otherwise explicitly set forth in Section 2.5, for any other reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2.5 Outages and Failures of the Hosted Services.</B>
Subject to the limitations set forth in Section 2.4 and Section 9.2, Coinbase&rsquo;s sole responsibility and liability to Customer for
a Reimbursable Event shall be as set forth in this section. To the extent a Service Default occurs that disrupts Customer&rsquo;s Network
Participation in connection with the Hosted Service, Coinbase will reimburse Customer for Participatory Rewards that Customer missed as
a direct result of, and during the occurrence of, such Service Default, provided that, Customer can prove, based on reasonable and sufficient
evidence provided to Coinbase, that Customer&rsquo;s Cluster would have earned such Participatory Rewards but for the occurrence of such
Service Default (&ldquo;<B>Missed Participatory Rewards</B>&rdquo;). In addition, Coinbase will reimburse Customer for a Covered Slashing
Penalty upon reasonable verification of any losses suffered by Customer to the satisfaction of Coinbase in its reasonable discretion.
In order to be eligible to receive a Missed Participatory Reward reimbursement, Customer must provide a written reimbursement request
to Coinbase within thirty (30) days following the date of the alleged Service Default. The reimbursements or Service Credits set forth
herein shall be Customer&rsquo;s sole and exclusive remedy in connection with any damages or losses occurring as a result of a Service
Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>3. PROPRIETARY
RIGHTS.</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1 Limited License and Access. <FONT STYLE="font-weight: normal">Subject
to the terms and conditions of this Agreement, and contingent upon Customer&rsquo;s compliance with the Documentation and the Terms of
Service, Coinbase (and/or its Affiliates) hereby grants to Customer during the term of this Agreement, a non-exclusive, non-transferable
(except as permitted in Section 11.6), revocable, limited license to (a) access and use the Platform and Documentation in connection with
the Coinbase Services and Supported Network (s) set forth on the applicable Order Schedule solely for Customer&rsquo;s internal business
purposes and as explicitly authorized herein. Customer shall be responsible for the acts and omissions of its Authorized Users, Representatives,
end users and any other person or entity who access or uses the Coinbase Services on Customer&rsquo;s behalf, regardless of whether such
access or use is authorized or unauthorized, as if such acts and omissions were Customer&rsquo;s own. To the extent Customer&rsquo;s end
users will have access to or benefit from, whether directly or indirectly, the Coinbase Services, (a) Customer shall cause each such end
user to enter into an agreement governing such end user&rsquo;s access to, or usage of, the Coinbase Services, including, without limitation,
a privacy policy and terms of service which (i) are no less protective of Coinbase than the terms and conditions of this Agreement; (ii)
are in compliance with all applicable laws and regulations; and (iii) is in a form containing terms and conditions satisfactory to Coinbase
in its reasonable discretion; and (b) Customer shall abide by the terms of any such end user agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3.2 No Other Licenses.</B> Except for the rights
and licenses expressly granted to Customer hereunder, no other license is granted, no other use is permitted and Coinbase (and its licensors
and Affiliates) retains all right, title and interest (including without limitation all Intellectual Property Rights) in and to the Platform,
Documentation, the Coinbase Services, Coinbase&rsquo;s Confidential Information and any other materials provided by or on behalf of Coinbase
hereunder. Except as is necessary in connection with providing the services hereunder or as it pertains to any other rights and licenses
expressly granted to Coinbase hereunder, no other license is granted and no other use is permitted and except as otherwise set forth in
this Agreement, Customer (and its licensors) retains all right, title and interest (including without limitation all Intellectual Property
Rights) in and to the Customer Data and Customer Confidential Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>3.3 Restrictions on Use. </B>Except as expressly
permitted in this Agreement, Customer shall not, directly or indirectly: (a)&nbsp;use any of Coinbase&rsquo;s Confidential Information
(defined below) to create any service, software, product, platform, documentation or data that is similar to, in whole or in part, any
aspect of the services or products offered by Coinbase, including without limitation, the Platform, Documentation or the Coinbase Services,
provided that the foregoing does not prohibit independent development of similar functionality by Customer without any use of or reference
to any Coinbase&rsquo;s Confidential Information; (b)&nbsp;disassemble, decompile, reverse engineer or use any other means to attempt
to discover any source code of Coinbase&rsquo;s Confidential Information, or the underlying ideas, file formats, algorithms or trade secrets
therein; (c)&nbsp;encumber, sublicense, transfer, rent, lease, time-share or use the Coinbase Services, Platform or other Coinbase&rsquo;s
Confidential Information in any service bureau arrangement or otherwise for the benefit of any third party; (d)&nbsp;copy, distribute,
manufacture, adapt, create derivative works of, translate, localize, port or otherwise modify any aspect of the Platform, Documentation
or Coinbase Services; (e)&nbsp;use or allow the transmission, transfer, export, re-export or other transfer of any product, technology
or information it obtains or learns pursuant to this Agreement (or any direct product thereof) in violation of any export control or other
laws and regulations of the United States or any other relevant jurisdiction; (f) introduce into the Platform or Coinbase Services any
malicious code, computer virus or any other similar harmful, malicious or hidden programs or data; (g)&nbsp;remove or modify any proprietary
markings or restrictive legends placed on the Platform or the Documentation; or (h) authorize or knowingly permit any third party to engage
in any of the foregoing proscribed acts. For the avoidance of doubt, the restrictions set forth in this Section 3.3 are in addition to,
and in no way limit, any other restrictions or obligations applicable to Customer set forth herein, including without limitation, Section
5.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.4 Customer Data; Analytics and Aggregate
Data. <FONT STYLE="font-weight: normal">Customer expressly acknowledges and agrees that Coinbase may collect and retain information on
or about the use, contents and performance of the Platform or otherwise related to the Coinbase Services and hereby grants to Coinbase
a non-exclusive, perpetual, royalty free, fully paid-up, limited license to use the Customer Data in connection with providing the Coinbase
Services and to collect, retain and use such Customer data and other information without payment or restriction; provided that, to the
extent such data or information constitutes Customer Confidential Information, except as is reasonably necessary to provide the Coinbase
Services to Customer, such use will be in a depersonalized, deidentified or aggregated form such that it will not enable identification
of Customer or any of Customer&rsquo;s end users.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.5 Feedback. <FONT STYLE="font-weight: normal">With
respect to any feedback Customer provides to Coinbase (whether orally or in writing) concerning the functionality and performance of the
Coinbase Services (including identifying potential errors and improvements) (the &ldquo;Feedback&rdquo;), Customer hereby grants to Coinbase
an exclusive, worldwide, perpetual, fully paid-up, royalty free, and freely assignable and transferable license to use the feedback for
any purpose without payment or restriction. It is further understood that Coinbase&rsquo;s use of Feedback, if any, may be made by Coinbase
at its sole discretion, and that Coinbase in no way shall be obliged to make any payment to Customer for or make use of any kind of the
Feedback or part thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>4<FONT STYLE="font-variant: small-caps">. REPRESENTATIONS
AND WARRANTIES. </FONT></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1 Mutual Representations and Warranties<FONT STYLE="font-weight: normal">.
Each party represents and warrants that: (a)&nbsp;it is a duly organized and validly existing under the laws of the jurisdiction in which
it is organized; (b)&nbsp;it has full power and authority, and has obtained all approvals, permissions and consents necessary, to enter
into this Agreement and to perform its obligations hereunder; (c)&nbsp;this Agreement is legally binding upon it and enforceable in accordance
with its terms; and (d)&nbsp;the execution, delivery and performance of this Agreement does not and will not conflict with any agreement,
instrument, judgment or understanding, oral or written, to which it is a party or by which it may be bound.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>4.2 Customer Representations and Warranties</B>.
Customer represents, covenants and warrants to Coinbase as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) Customer will (and will cause its Authorized
Users, Representatives and end users to) use the Coinbase Services in compliance with (i) this Agreement, the Documentation, the Terms
of Service, the Network Protocol, and any other Coinbase&rsquo;s requirements or standard policies then in effect; (ii) to the extent
applicable, any and all requirements and standards set forth by the Network Protocol for the Supported Network(s); and (iii) all applicable
laws, statutes, ordinances and regulations, including, without limitation, any applicable export control laws, privacy laws, securities
laws, and sanctions programs administered in the countries where either party conducts business, including but not limited to the U.S.
Department of Treasury&rsquo;s Office of Foreign Assets Control (&ldquo;<B>OFAC</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Customer is sophisticated and knowledgeable
in the matters contemplated by this Agreement and, in determining to enter into and perform its obligations under this Agreement, has
relied solely on its own judgment, due diligence and investigation and the representations and warranties of Coinbase expressly set forth
in this Agreement, and not on any other representations, warranties, statements or information, written or oral, made or made available
by or on behalf of Coinbase or any of its representatives. Without limiting the generality of the foregoing, Customer has not relied on
any tax, accounting, financial, investment, legal or other advice provided by or on behalf of Coinbase or any of its representatives,
and Customer has made its own determination as to the tax and accounting treatment of any payments or rewards that may be received by
Customer pursuant to this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) Customer is not (and, if Customer is an entity,
Customer&rsquo;s Representatives are not) the subject or target of any U.S. or other national government financial and economic sanctions
or trade embargoes or otherwise identified on a list of prohibited, sanctioned, debarred, or denied parties, including those imposed,
administered or enforced from time to time by the U.S. government through OFAC, or any other governmental entity imposing economic sanctions
and trade embargoes (collectively, &ldquo;<B>Sanctions</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) Customer (and, if Customer is an entity, Customer&rsquo;s
Representatives) will not, in connection with the Coinbase Services, contract with or otherwise do business with any individual, company,
organization or other entity, or with, in or involving any country or territory (including North Korea, Cuba, Iran, Sudan, Syria, and
Crimea), that is the subject or target of any Sanctions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e) Customer has established and is maintaining,
and administering reasonable and effective, written supervisory procedures and compliance procedures (including, but not limited to anti-money
laundering procedures) to ensure that it, its Representatives, customers, end users, Authorized Users and any other related parties comply
with all applicable laws and regulations, including without limitation, all applicable laws pertaining to Sanctions; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f) Customer shall promptly notify Coinbase if
it (or any of its Representatives) (i) becomes the target of any Sanctions, (ii) is or becomes located, organized, or is resident in a
country or territory that is, or whose government is, the target of Sanctions, or (iii) becomes aware that its Authorized Users or end
users, or any transaction connected to the Services, is or becomes the target of any investigation, including reasonable details thereof;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(g) Following execution of this Agreement, Customer
(i) agrees to provide to Coinbase or its Affiliates, any information reasonably requested, including contact information and any other
information or documentation required for the purposes of identity verification and the detection of, fraud, or any other financial crimes;
and (ii) permits Coinbase or its Affiliates to keep a record of such information. In providing this or any other information that may
be required, Customer confirms that the information is accurate and authentic and agrees to keep Coinbase or its Affiliates updated if
any of the information provided changes. Should Customer fail to provide such reasonably requested information or documentation in a timely
manner, Coinbase shall have the right to immediately terminate this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>4.3 Coinbase Representations and Warranties</B>.
Coinbase represents and warrants to Customer that (a) the Coinbase Services will be provided in a professional and workmanlike manner;
(b) the Coinbase Services will perform in accordance with the Documentation in all material respects; (c) Coinbase has obtained, or will
obtain, any and all consents, permits, licenses, registrations and authorizations necessary for or in connection with operating the Platform;
(d) to the knowledge of Coinbase, the Platform does not and shall not infringe on any Intellectual Property Rights of any person; (e)
to the knowledge of Coinbase, the Platform is free of any computer virus or any other similar harmful, malicious or hidden programs or
data; and (f) to the knowledge of Coinbase, it is in compliance with all applicable laws, statutes, ordinances and regulations to which
it is subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>5. CONFIDENTIALITY.
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>5.1 Confidential Information</B>. Each party
hereby agrees that all financial, business, legal and technical information of the other party and any of its Representatives, Authorized
Users, suppliers, licensors, customers and end users (including, without limitation, materials, data and other information about research,
development, operations, marketing, transactions, regulatory affairs, discoveries, inventions, methods, processes, articles, materials,
algorithms, software, source code, object code, specifications, designs, drawings, data, feedback, strategies, pricing, financials, plans,
prospects, customer lists, know-how and ideas, whether tangible or intangible, and including all copies, abstracts, summaries, analyses
and other derivatives thereof), that, whether disclosed prior to, on or following the Effective Date of this Agreement, is marked or otherwise
identified as proprietary or confidential at the time of or following disclosure, or that by its nature would be understood by a reasonable
person to be proprietary or confidential shall be the confidential property of the disclosing party (&ldquo;<B>Confidential Information</B>&rdquo;).
For avoidance of doubt and without limiting the foregoing, Confidential Information shall include (a) the terms of this Agreement and
any Order Schedule, including without limitation, the Service Fees and pricing arrangements between the parties; (b) each party&rsquo;s
intellectual property and Intellectual Property Rights; (c) with respect to Coinbase as the disclosing party, the Platform, Hosted Services,
Managed Services, Documentation and any and all underlying and related information, materials or data; and (d) with respect to Customer
as the disclosing party, the Customer Data. Confidential Information shall not include information that (a)&nbsp;was rightfully known
to the receiving party without restriction prior to receipt from the disclosing party; (b)&nbsp;is or becomes generally known to the public
without violation of this Agreement by the receiving party, nor through any other impermissible act or omission by the receiving party;
(c)&nbsp;is rightfully disclosed to the receiving party without restriction by a third party without breach of any nondisclosure obligation;
or (d)&nbsp;is independently developed by the receiving party without use of, reference to or reliance on any Confidential Information
of the disclosing party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>5.2 Permissible Use.</B> The receiving party
shall (a) use the disclosing party&rsquo;s Confidential Information solely as is necessary to perform its obligations under this Agreement,
but not for any other purpose unless explicitly authorized herein; (b) hold in confidence and not disclose any of the disclosing party&rsquo;s
Confidential Information to any third party other than to its Representatives who have a bona fide need to know such Confidential Information;
provided that, each such Representative is bound by confidentiality obligations at least as protective as those set forth herein; (c)
protect the confidentiality of the disclosing party&rsquo;s Confidential Information in the same manner that it protects the confidentiality
of its own confidential information of like kind (but in no event using less than reasonable care); (d) exercise reasonable precautions
to prevent any unauthorized access, use or disclosure of the disclosing party&rsquo;s Confidential Information. Each party shall be responsible
and liable for any breach of these confidentiality obligations by its Authorized Users, Representatives or end users as if such breach
were its own. For the avoidance of doubt, Coinbase&rsquo;s disclosure of the existence of this business relationship, including the existence
of this Agreement, and the terms thereof, solely in connection with a bona fide due diligence inquiry for a financing, acquisition, public
offering or similar transaction, subject to confidentiality obligations consistent with those herein, shall not constitute a breach of
its obligations pursuant to this Section 5. If required by law, the receiving party may disclose Confidential Information of the disclosing
party provided that the receiving party (i) gives prompt prior written notice to the disclosing party sufficient to allow the disclosing
party to seek a protective order or other remedy (except to the extent that receiving party&rsquo;s provision of such notice would cause
it to violate the law); (ii) discloses only such information as is explicitly required by law and (iii) uses commercial reasonable endeavors
to obtain confidential treatment for any Confidential Information so disclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>5.3 Term; Upon Termination</B>. Upon the expiration
or termination of this Agreement, upon the disclosing party&rsquo;s written request, all of the Confidential Information (including any
copies or extracts thereof) will be returned to the disclosing party or destroyed by the receiving party, and the receiving party will
make no further use of such materials; provided that, each party may retain copies of the Confidential Information to comply with its
obligations under applicable law or pursuant to such party&rsquo;s data retention policy; and neither party is required to return or destroy
copies of Confidential Information stored in its electronic back-ups, if those copies are made and destroyed as a part of its usual and
reasonable back-up processes and treated as Confidential Information for the duration of their storage and the receiving party will make
no further use of such materials. Notwithstanding the foregoing, as set forth in Section 3.4, Coinbase may retain and use for development,
diagnostic and corrective or other purposes any data and information it collects relating to the Coinbase Services beyond the termination
of this Agreement, so long as such use complies with Section 3.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>6. PAYMENTS.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6.1 Fees</B>. Customer agrees to pay to Coinbase
all Service Fees and any other fees, costs and expenses due and payable in the amounts and at the times specified in the applicable Order
Schedule or as otherwise provided in this Agreement. Customer&rsquo;s failure to comply with the foregoing obligations shall be considered
a material breach of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6.2 Payment Terms. </B>Coinbase reserves the
right to change the Service Fees and to institute new charges and fees at the end of each twelve-month period, upon sixty (60) days&rsquo;
prior written notice to Customer (which may be sent by email). If Customer believes that Coinbase has billed Customer incorrectly, Customer
must notify Coinbase thereof (in writing) no later than sixty (60) days after the date of the invoice; otherwise the amount invoiced shall
be conclusively deemed correct by the parties. Except as otherwise stated in this Agreement, all fees paid are non-refundable and not
subject to set-off.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6.3 Billing.</B> Coinbase may use a third-party
payment processor (the &ldquo;<B>Payment Processor</B>&rdquo;) to bill Customer through a payment account linked to Customer&rsquo;s account
on the Coinbase Services (Customer&rsquo;s &ldquo;<B>Billing Account</B>&rdquo;) for use of the Coinbase Services, or Coinbase may require
payment in native Digital Assets applicable for a particular Supported Network through Coinbase&rsquo;s designated cryptocurrency wallet
(or a combination of both). The processing of payments through a Payment Processor will be subject to the terms, conditions and privacy
policies of the Payment Processor in addition to this Agreement. Currently, Coinbase uses Stripe, Inc. as its Payment Processor. Customer
can access Stripe&rsquo;s Terms of Service at https://stripe.com/us/checkout/legal and their Privacy Policy at https://stripe.com/us/privacy.
Coinbase is not responsible for any error or mistake by or between the Payment Processor and Customer. By choosing to use the Coinbase
Services, Customer agrees to pay Coinbase, through the Payment Processor or by payment to Coinbase&rsquo;s designated cryptocurrency
wallet (which payment may, in some cases, be automatic), all charges at the prices then in effect for any use of the Coinbase Services
in accordance with the applicable payment terms, and Customer authorizes Coinbase, through the Payment Processor, to charge Customer&rsquo;s
chosen payment provider or to receive payment through Coinbase&rsquo;s designated cryptocurrency wallet (which payment be, in some cases,
be automatic) from Customer&rsquo;s account (Customer&rsquo;s &ldquo;<B>Payment Method</B>&rdquo;). Customer agrees to make payment using
one of the selected Payment Methods. Coinbase reserves the right to correct any errors or mistakes that the Payment Processor makes even
if it has already requested or received payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6.4 Payment Method.</B> The terms of Customer&rsquo;s
payment will be based on Customer&rsquo;s Payment Method and may be determined by agreements between Customer and the financial institution,
credit card issuer or other provider of Customer&rsquo;s chosen Payment Method. If Coinbase, through the Payment Processor or Supported
Network, does not receive payment from Customer, Customer agrees to pay all amounts and Service Fees due on Customer&rsquo;s Billing Account
upon Coinbase&rsquo;s request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6.5 Recurring Billing.</B> The Service Fees
may include a recurring period charge based on Customer&rsquo;s use of the Coinbase Services, as specified in the Order Schedule (which
may be designated in the Order Schedule as the &ldquo;Subscription Fee&rdquo;). Customer acknowledges that if the Coinbase Services have
a recurring payment feature then Customer accepts responsibility for all recurring charges prior to cancellation. COINBASE MAY SUBMIT
PERIODIC CHARGES (E.G., MONTHLY) WITHOUT FURTHER AUTHORIZATION FROM CUSTOMER, UNTIL CUSTOMER PROVIDES PRIOR NOTICE (RECEIPT OF WHICH IS
CONFIRMED BY COINBASE ) THAT CUSTOMER HAS TERMINATED OR REVOKED THIS AUTHORIZATION OR WISHES TO CHANGE CUSTOMER&rsquo;S PAYMENT METHOD.
SUCH NOTICE WILL NOT AFFECT CHARGES SUBMITTED BEFORE COINBASE REASONABLY COULD ACT. CUSTOMER MAY TERMINATE OR REVOKE CUSTOMER&rsquo;S
AUTHORIZATION OR CHANGE CUSTOMER&rsquo;S PAYMENT METHOD BY GOING TO CUSTOMER&rsquo;S ACCOUNT SETTINGS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6.6 Current Information Required.</B> CUSTOMER
MUST PROVIDE CURRENT, COMPLETE AND ACCURATE INFORMATION FOR CUSTOMER&rsquo;S BILLING ACCOUNT. CUSTOMER MUST PROMPTLY UPDATE ALL INFORMATION
TO KEEP CUSTOMER&rsquo;S BILLING ACCOUNT CURRENT, COMPLETE AND ACCURATE (SUCH AS A CHANGE IN BILLING ADDRESS, CREDIT CARD NUMBER, OR CREDIT
CARD EXPIRATION DATE), AND CUSTOMER MUST PROMPTLY NOTIFY COINBASE OR COINBASE&rsquo;s PAYMENT PROCESSOR IF CUSTOMER&rsquo;S PAYMENT METHOD
IS CANCELED (E.G., FOR LOSS OR THEFT) OR IF CUSTOMER BECOMES AWARE OF A POTENTIAL BREACH OF SECURITY, SUCH AS THE UNAUTHORIZED DISCLOSURE
OR USE OF CUSTOMER&rsquo;S USER NAME OR PASSWORD. CHANGES TO SUCH INFORMATION CAN BE MADE IN ACCOUNT SETTINGS. IF CUSTOMER FAILS TO PROVIDE
ANY OF THE FOREGOING INFORMATION, CUSTOMER AGREES THAT COINBASE MAY CONTINUE CHARGING CUSTOMER FOR ANY USE OF THE COINBASE SERVICES UNDER
CUSTOMER&rsquo;S BILLING ACCOUNT UNLESS CUSTOMER HAS TERMINATED THE COINBASE SERVICES AS SET FORTH BELOW.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6.7 Notice of Amount to be Charged.</B> Where
applicable, Coinbase shall provide notice to the Customer of the amount owed and the date of the charge. Any agreement Customer has with
Customer&rsquo;s payment provider or Supported Network will govern Customer&rsquo;s use of Customer&rsquo;s Payment Method. Customer agrees
that Coinbase may accumulate charges incurred and submit them as one or more aggregate charges during or following the end of each billing
cycle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6.8 Reaffirmation of Authorization.</B> Customer&rsquo;s
non-termination, non-revocation and continued use of the Coinbase Services reaffirms that Coinbase is authorized to charge Customer&rsquo;s
Payment Method for the Coinbase Services. Coinbase may submit those charges for payment and Customer will be responsible for such charges.
This does not waive Coinbase&rsquo;s right to seek payment directly from Customer. Customer&rsquo;s charges may be payable in advance,
in arrears, per usage, or as otherwise described when Customer initially selected to use the Coinbase Services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>6.9 Taxes.</B> All amounts payable under this
Agreement are exclusive of sales and use taxes, value added taxes, and all other taxes, and duties the costs of which (other than taxes
based on Coinbase&rsquo;s net income, which shall be paid by Coinbase ) shall be Customer&rsquo;s responsibility. Customer shall be responsible
for payment of all applicable taxes, if any, to which the Customer&rsquo;s Participatory Rewards might be subject and any and all other
taxes which may apply to Customer or its Participatory Rewards; Coinbase makes no representations in this regard. Additionally, Coinbase
may withhold taxes on behalf of the Customer if requested by a governmental agency. The characterization of the transactions contemplated
by this Agreement for income tax purposes is unclear, and accordingly the income tax consequences of Digital Assets and the sharing of
Participatory Rewards is uncertain. Neither Coinbase nor any of its Affiliates or Representatives shall provide any advice or guidance
with respect to the tax obligations of the Customer. Customer and its end users are strongly encouraged to seek advice from their own
tax advisor to discuss the potential tax consequences of entering into this Agreement, and the receipt of any Participatory Rewards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>7. LIMITED
WARRANTY AND DISCLAIMERS.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>7.1 Services Generally.</B> Customer acknowledges
and agrees that factors beyond Coinbase&rsquo;s reasonable control, including without limitation any Force Majeure Event, changes in applicable
laws or regulations, or Customer&rsquo;s failure to use the Coinbase Services in accordance with Coinbase&rsquo;s requirements (including
without limitation this Agreement, the Terms of Service and the Documentation), may interfere with the Coinbase Services, including without
limitation Customer&rsquo;s earning of Participatory Rewards. Coinbase hereby disclaims (for itself, its Affiliates, Representatives,
licensors and its suppliers) all responsibility for any losses or damages, including without limitation, Missed Participatory Rewards
and Slashing Penalties resulting from any act or omission other than the Service Defaults, as set forth in Section 2.5. Except as expressly
provided herein, Coinbase is not responsible for any Digital Assets, tokens, rewards, keys, wallets or other assets that Customer stakes,
stores, transfers, receives, accesses, loses, misplaces or otherwise uses or misuses in connection with or related to Customer&rsquo;s
use of the Coinbase Services, including without limitation any losses or damages resulting from slashing penalties. Customer acknowledges
and agrees that (a) Participatory Rewards are not guaranteed and that Customer may not receive any Participatory Rewards in connection
with the Coinbase Services; (b) that Customer shall access and use the Coinbase Services at Customer&rsquo;s own risk; (c) that the risk
of loss in cryptocurrency, including without limitation, Network Participation, staking, storing, or transferring Digital Assets, can
be substantial; (d) termination of the Agreement or any applicable Order Schedule might be limited by any unbonding period set by the
Network Protocol; (e) Coinbase does not make any recommendation about or otherwise endorse any particular Digital Asset; and (f) Customer
shall not use the Coinbase Services if Customer does not understand and accept these risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>7.2 Disclaimers. </B>EXCEPT AS OTHERWISE PROVIDED
HEREIN, THE COINBASE SERVICES PROVIDED IN CONNECTION WITH THIS AGREEMENT ARE PROVIDED ON AN &ldquo;AS IS&rdquo; AND &ldquo;AS AVAILABLE&rdquo;
BASIS WITHOUT ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND. EXCEPT AS SET FORTH IN SECTION 4.3, COINBASE DOES NOT WARRANT THAT THE COINBASE
SERVICES WILL MEET CUSTOMER&rsquo;S REQUIREMENTS OR RESULT IN ANY OUTCOME, OR THAT THEIR OPERATION WILL BE UNINTERRUPTED OR ERROR-FREE.
TO THE FULLEST EXTENT PERMITTED BY LAW COINBASE HEREBY DISCLAIMS (FOR ITSELF, ITS AFFILIATES, REPRESENTATIVES, LICENSORS AND ITS SUPPLIERS)
ALL OTHER WARRANTIES, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, WITH RESPECT TO THE COINBASE SERVICES INCLUDING, WITHOUT LIMITATION,
ALL IMPLIED WARRANTIES OF TITLE, NON-INFRINGEMENT, QUIET ENJOYMENT, INTEGRATION, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE
AND ALL WARRANTIES ARISING FROM ANY COURSE OF DEALING, COURSE OF PERFORMANCE OR USAGE OF TRADE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>8. INDEMNIFICATION.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>8.1 Customer. </B>Customer agrees to defend,
indemnify, and hold harmless Coinbase and its Affiliates, and their Representatives, officers, directors, employees, agents, shareholders,
successors and permitted assigns thereof against any and all damages, losses, liabilities, settlements and expenses (including without
limitation costs and attorneys&rsquo; fees and expenses) related to (a) any claim or action that arises from or relates to Customer&rsquo;s
breach of any material representation or warranty made under this Agreement, including without limitation, Section 4; (b) any claim or
action brought by a third party that is related to or arises from Customer&rsquo;s (including its Affiliates, Authorized Users, Representatives
and end users) (i) breach of any material obligation hereunder; (ii) unauthorized or improper use of the Coinbase Services; or (iii) gross
negligence or intentional misconduct, including but not limited to any failure to abide by applicable law or regulatory requirements as
reasonably known by the industry at the time the acts in question are committed; (c) arising from or related to a breach of applicable
privacy or data protection laws with respect to Customer&rsquo;s end users, except to the extent caused by Coinbase&rsquo;s gross negligence
or intentional misconduct; and (d) any tax liability, including penalties, duties and interest levied by any government on the Participatory
Rewards (other than taxes based on Coinbase&rsquo;s net income).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>8.2 Coinbase.</B> Except as provided below,
Coinbase agrees to defend, indemnify, and hold harmless Customer and its Affiliates, officers, directors, employees, agents, shareholders,
successors and permitted assigns thereof against any and all settlement amounts or direct damages, liabilities, costs and expenses (including
reasonable attorneys&rsquo; fees) awarded and arising out of any claim by a third party (a) that the Platform infringes a valid U.S. patent
(issued as of the Effective Date), or other U.S. Intellectual Property Right of such third party, unless arising from or related to, in
whole or in part, Customer&rsquo;s gross negligence, intentional misconduct or misuse of the Platform; or (b)&nbsp;directly caused by
the gross negligence or intentional misconduct of Coinbase, including failure to abide by applicable law or regulatory requirements as
reasonably known by the industry at the time the acts in question are committed. If the Platform or Hosted Service becomes or, in Coinbase&rsquo;s
opinion, is likely to become the subject of any injunction preventing its use as contemplated herein, Coinbase may, at its option (i)&nbsp;obtain
for Customer the right to continue using the Platform or Hosted Service; or (ii)&nbsp;replace or modify the Platform or Hosted Service
so that it becomes non-infringing without substantially compromising its principal functions. If (i) and (ii) are not reasonably available
to Coinbase, then Coinbase may (iii)&nbsp;terminate this Agreement upon written notice to Customer. The foregoing states the entire liability
of Coinbase, and Customer&rsquo;s exclusive remedy, with respect to any actual or alleged violation of Intellectual Property Rights by
the Coinbase Services, any part thereof or its use or operation. To the extent that a Party may not as a matter of applicable law disclaim
any warranty, the scope and duration of such warranty shall be the minimum permitted under such law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>8.3 Exclusions.</B> For the avoidance of doubt,
Coinbase shall have no liability or obligation hereunder with respect to any claim based upon or related to: (a)&nbsp;use of the Platform
or the Hosted Service in an application or environment not explicitly authorized by Coinbase or on a platform other than the Platform
or with devices or Digital Assets for which it was not designed or contemplated; (b)&nbsp;infringement or violation of Intellectual Property
Rights caused by or based on the Supported Network, Blockchain or Network Protocol; (c) modifications, alterations, combinations or enhancements
of the Platform or Hosted Service not created or authorized by Coinbase ; (d)&nbsp;any portion of the Hosted Service that implements Customer&rsquo;s
requirements or relies on the accuracy of Customer Data; (e)&nbsp;any infringing activity, or the continuation of allegedly infringing
activity, by Customer (including Customer&rsquo;s Affiliates, Representatives, Authorized Users and end users) after being notified thereof
or the continuing use of any prior version after being provided modifications that would have avoided the alleged infringement; or (f)&nbsp;any
Intellectual Property Right in which Customer or any of its Affiliates, directly or indirectly, has an interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>8.4 Procedures.</B> Any claim for indemnification
hereunder requires that (a) the indemnified party provides prompt written notice of the claim provided that the failure to provide such
notice shall not relieve the indemnifying party of its obligations under this Section&nbsp;8, (except to the extent that such failure
materially prejudices the indemnifying party&rsquo;s defense of such claim) and reasonable cooperation, information, and assistance in
connection therewith; and (b)&nbsp;the indemnifying party shall have sole control and authority to defend, settle or compromise such claim.
The indemnifying party shall not make any settlement that binds or requires a materially adverse act or admission by the indemnified party
without the indemnified party&rsquo;s written consent (such consent not to be unreasonably delayed, conditioned or withheld). The indemnifying
party shall not be liable for any settlement made without its prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>9. LIMITATION
OF LIABILITY.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>9.1
General Limitation of Liability</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EXCEPT FOR ANY MATERIAL BREACH OF SECTION 5 (CONFIDENTIALITY),
CUSTOMER&rsquo;S MATERIAL BREACH OF SECTION 3 (PROPRIETARY RIGHTS), WITH RESPECT TO A PARTY&rsquo;S INDEMNIFICATION OBLIGATIONS PURSUANT
TO SECTION 8, OR WITH RESPECT TO A REIMBURSABLE EVENT AS PROVIDED IN SECTION 2.5 AND 9.2 HEREIN, <FONT STYLE="font-variant: small-caps">IN
NO EVENT SHALL COINBASE OR ITS AFFILIATES, SUPPLIERS, OFFICERS, REPRESENTATIVES, CONTRACTORS OR EMPLOYEES BE LIABLE TO CUSTOMER OR ANY
THIRD PARTY CONCERNING THE SUBJECT MATTER OF THIS AGREEMENT, REGARDLESS OF THE FORM OF ANY CLAIM OR ACTION (WHETHER IN CONTRACT, TORT,
NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL OR EQUITABLE THEORY), FOR ANY (A) LOST, CORRUPTED OR INACCURATE DATA, LOSS OR INTERRUPTION
OF USE, COST OF PROCURING SUBSTITUTE TECHNOLOGY, GOODS OR SERVICES, LOST OR MISSED PARTICIPATORY REWARDS, SLASHING PENALTIES, LOSS OF
BOND, BUSINESS, REVENUES, PROFITS, REWARDS OR GOODWILL; (B)INDIRECT, PUNITIVE, INCIDENTAL, RELIANCE, SPECIAL, EXEMPLARY OR CONSEQUENTIAL
DAMAGES OF ANY KIND, INCLUDING THOSE ARISING OUT OF THE USE OR INABILITY TO USE THE COINBASE SERVICES; OR (C)DAMAGES, IN THE AGGREGATE,
IN EXCESS OF THE FEES PAID BY CUSTOMER TO COINBASE IN THE SIX (6) MONTH PERIOD PRIOR TO THE EVENT GIVING RISE TO THE CLAIM, EVEN IF COINBASE
HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGES, AND REGARDLESS OF WHETHER OR NOT SUCH LOSS OR DAMAGES WERE FORESEEABLE. ANY
CLAIM CUSTOMER MAY HAVE ARISING OUT OF OR RELATING TO THIS AGREEMENT MUST BE BROUGHT WITHIN THIRTY (30) DAYS AFTER THE DISCOVERY OF THE
EVENT GIVING RISE TO SUCH CLAIM. COINBASE IS NOT LIABLE FOR FACTORS OUTSIDE ITS REASONABLE CONTROL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>9.2
Reimbursable Event limitation of Liability.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(A) NOTWITHSTANDING SECTION 9.1 ABOVE, IN NO EVENT
SHALL Coinbase OR ITS AFFILIATES, SUPPLIERS, OFFICERS, REPRESENTATIVES, CONTRACTORS OR EMPLOYEES BE LIABLE CONCERNING THE SUBJECT MATTER
OF THIS AGREEMENT, REGARDLESS OF THE FORM OF ANY CLAIM OR ACTION (WHETHER IN CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHERWISE), ARISING
FROM A REIMBURSABLE EVENT, IN THE AGGREGATE, IN EXCESS OF THE FEES PAID BY CUSTOMER TO Coinbase IN THE TWENTY-FOUR (24) MONTH PERIOD PRIOR
TO THE EVENT GIVING RISE TO THE CLAIM (THE &ldquo;REIMBURSABLE EVENT CAP&rdquo;), EVEN IF Coinbase HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(B) If a Reimbursable Event occurs during the
Initial Term, the Reimbursable Event Cap shall be calculated as an amount equal to the sum of (1) all Fees paid by Customer to Coinbase
under this Agreement from the effective date to the date of such Reimbursable Event, and (2) the Monthly Projected Fee Amount (as defined
below) multiplied by the number of months remaining in the Initial Term, but in no event shall this exceed twenty-four (24) months in
total. The &ldquo;Monthly Projected Fee Amount&rdquo; shall be an amount equal to the sum of all Fees paid by Customer to Coinbase under
this Agreement, divided by the number of months from the Effective Date of this Agreement to the date such Reimbursable Event occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(C) In no event shall the Reimbursable Event exceed
the actual or projected Fees payable under this Agreement during either (a) the twenty-four (24) month period immediately preceding the
event giving rise to the claim, or (b) if the event giving rise to the claim occurs prior to the twenty-fourth month of this Agreement,
during the Initial Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(D) The Customer understands and agrees that Coinbase&rsquo;s
obligations with respect to Reimbursable Events are subject to and entered into based on its reliance that this Agreement and all applicable
Order Schedules will remain effective during the entire twenty-four month Initial Term. Accordingly, in addition to any other right or
remedies available under this Agreement, at law or in equity, in the event Customer terminates the Agreement prior to the end of the Initial
Term, within thirty (30) days following the date of such termination, Customer shall refund to Coinbase all amounts paid to Customer for
Reimbursable Events in excess of Fees actually paid by Customer to Coinbase under the Agreement (the &ldquo;Clawback Amount&rdquo;). The
parties agree to work together in good faith to resolve any disputes related to the calculation of the Reimbursable Event Cap, the Monthly
Projected Fee Amount or the Clawback Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>10.
TERM AND TERMINATION.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10.1 Term. </B>This Agreement shall commence
on the Effective Date and shall continue in effect, unless earlier terminated by either party pursuant to Section 10.2, for a period of
twenty-four (24) months (the &ldquo;<B>Initial Term</B>&rdquo;). Thereafter, the Agreement shall automatically renew for successive (12)
twelve-month periods (each a &ldquo;<B>Renewal Term</B>&rdquo; together with the Initial Term, the &ldquo;<B>Term</B>&rdquo;) until terminated
as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>10.2 Termination. </B>This Agreement may be
terminated (in whole, or in respect of any Order Schedule) by a party: (a) if the other party materially breaches a provision of this
Agreement and fails to cure such breach within ten (10) days (five (5) days in the case of non-payment) after receiving written notice
of such breach from the non-breaching party; (b) immediately upon written notice if the other party (i) is in material breach of any applicable
law or regulation; or (ii) is or becomes subject to any bankruptcy, insolvency, or similar proceeding or makes an assignment for the benefit
of creditors; or (c) as otherwise set forth in the Order Schedule. The termination rights set forth herein shall be subject to, and may
be limited by, any unbonding period or other requirements or limitations set by the Network Protocol of the applicable Supported Network.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, either Party may
terminate this Agreement at any time for any reason upon sixty (60) days prior written notice to the other Party.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.3 Effects of Termination. <FONT STYLE="font-weight: normal">Upon
any expiration or termination of this Agreement, or all Order Schedules hereunder, all corresponding rights, obligations and licenses
of the parties shall cease, except that: (a)&nbsp;all obligations that accrued prior to the effective date of termination (including without
limitation, all payment obligations) shall survive; and (b)&nbsp;the provisions of Sections 3&nbsp;(Proprietary Rights), 5&nbsp;(Confidentiality),
6&nbsp;(Payments), 7&nbsp;(Limited Warranty and Disclaimers), 8&nbsp;(Indemnification), 9&nbsp;(Limitation of Liability), 11&nbsp;(General
Provisions) and this Section 10.3 shall survive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>11.
GENERAL PROVISIONS.</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.1 Entire Agreement<FONT STYLE="font-weight: normal">.
</FONT>This Agreement (including the Order Schedules and <FONT STYLE="font-weight: normal">Exhibits hereto) constitutes the entire agreement,
and supersedes all prior negotiations, understandings or agreements (oral or written), between the parties regarding the subject matter
of this Agreement. Any inconsistent or additional terms on any related purchase order, confirmation or similar form (other than a duly
executed Order Schedule), shall have no effect under this Agreement. This Agreement may be executed in one or more counterparts, each
of which shall be an original, but taken together constituting one and the same instrument. Execution of a facsimile/electronic copy shall
have the same force and effect as execution of an original, and a facsimile/ electronic signature shall be deemed an original and valid
signature. No change, consent or waiver under this Agreement will be effective unless in writing and signed by the party against which
enforcement is sought. The failure of either party to enforce its rights under this Agreement at any time for any period will not be construed
as a waiver of such rights, and the exercise of one right or remedy will not be deemed a waiver of any other right or remedy. If any provision
of this Agreement is determined to be illegal or unenforceable, that provision will be limited or eliminated to the minimum extent necessary
so that this Agreement will otherwise remain in full force and effect and enforceable. This Agreement is in English only, which language
shall be controlling in all respects. </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.2 Governing Law &amp; Dispute Resolution<FONT STYLE="font-weight: normal">.
This Agreement shall be governed by and construed in accordance with the laws of the state of New York without regard to the conflicts
of law provisions thereof. Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled
by arbitration (to be held in English) in accordance with the Comprehensive Arbitration Rules and Procedures of JAMS, and judgment on
the award rendered by the arbitrator may be entered in any court having jurisdiction thereof, provided however, that each party will have
a right to seek injunctive or other equitable relief in a court of law from any court of competent jurisdiction. The prevailing party
will be entitled to receive from the non-prevailing party all costs, damages and expenses, including reasonable attorneys&rsquo; fees,
incurred by the prevailing party in connection with that action or proceeding, whether or not the controversy is reduced to judgment or
award. The prevailing party will be that party who may be fairly said by the arbitrator(s) to have prevailed on the major disputed issues.
Customer hereby consents to the arbitration in the State of New York in the county of New York or another mutually agreeable location.
In any action or proceeding to enforce rights under this Agreement, the prevailing party will be entitled to recover costs and attorneys&rsquo;
fees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>11.3 Remedies.</B> Except as specifically provided
otherwise herein, each right and remedy in this Agreement is in addition to any other right or remedy, at law or in equity. Each party
agrees that, in the event of any breach or threatened breach of Section 3 or 5, the non-breaching party will suffer irreparable damage
for which it will have no adequate remedy at law. Accordingly, the non-breaching party shall be entitled to seek injunctive and other
equitable remedies to prevent or restrain such breach or threatened breach, without the necessity of posting any bond.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>11.4 Notices.</B> All notices under this Agreement
will be in writing and delivered to the parties at their respective addresses stated herein or at such other address designated by written
notice. Notices will be deemed to have been duly given when received, if personally delivered; when receipt is electronically confirmed,
if transmitted by facsimile or electronic mail; the day after being sent, if sent for next day delivery by recognized overnight delivery
service; or upon receipt, if sent by certified or registered mail, return receipt requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>11.5 Force Majeure. </B>Neither party shall
be liable for any failure or delay in the performance of its obligations under this Agreement (except payment obligations) to the extent
such performance is made impractical and inadvisable, directly or indirectly, without fault by such party, by any reason beyond its reasonable
control, including but not limited to, fire, flood, earthquake, elements of nature or acts of God, acts of state, acts of war, terrorism,
riots, civil disorders, rebellions, revolutions, quarantines, pandemics, embargoes, changes in law, and other similar governmental action
(each a &ldquo;<B>Force Majeure Event</B>&rdquo;). The affected party shall give written notice thereof to the other party and its performance
shall be extended for the period of delay or inability to perform due to such occurrence, provided, however, if the delay or failure continues
for more than thirty (30) days, the unaffected party may terminate this Agreement upon written notice to the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>11.6 Assignment.</B> This Agreement and the
rights and obligations hereunder may not be assigned, in whole or in part, by either party without the other party&rsquo;s written consent,
not to be unreasonably withheld. However, without consent, either party may assign this Agreement to an Affiliate or to any successor
to all or substantially all of its business that concerns this Agreement (whether by sale of assets or equity, merger, consolidation or
otherwise). This Agreement shall be binding upon, and inure to the benefit of, the successors, representatives and permitted assigns of
the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>11.7 Independent Contractors.</B> The parties
shall be independent contractors under this Agreement, and nothing herein will constitute either party as the employer, employee, agent
or representative of the other party, or both parties as joint venturers or partners for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>11.8 Publicity. </B>During the term, without,
Customer&rsquo;s prior consent, Coinbase shall have the right, but not the obligation, to: (i) publicly announce in any and all media
now known or hereafter devised that Customer is a customer of Coinbase ; and (ii) use Customer&rsquo;s trademarks, service marks, or trade
names, solely in connection with the foregoing and as otherwise permitted in accordance with any guidelines provided by Customer, to promote
Coinbase and/or the Services. Customer may not, without Coinbase&rsquo;s prior written consent in each instance, publicly use Coinbase&rsquo;s
(or its Affiliates) trademarks, service marks or trade names.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>11.9 Interpretation. </B>The division of this
Agreement into sections and the insertion of headings are for convenience of reference only and are not to affect the construction or
interpretation of this Agreement. Unless the context otherwise requires, words importing the singular include the plural and vice versa
and words importing gender include all genders. The word &ldquo;include&rdquo;, &ldquo;includes&rdquo; or &ldquo;including&rdquo; will
be interpreted on an inclusive basis and be deemed to be followed by the words &ldquo;without limitation&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>11.10 No Advice</B>. Customer understands that
Coinbase is a non-custodial infrastructure provider and does not provide financial, tax, investment, legal or other professional advice.
Unless otherwise set forth herein, Coinbase is not responsible for any loss or damages resulting from any decisions, actions or inactions
of Customer, or any other party accessing the Coinbase Services through or on behalf of Customer, that are made in reliance on or in connection
with the Coinbase Services, including decisions and costs relating to the purchase, sale, and storage of Digital Assets or other instruments
or Customer&rsquo;s legal, compliance, operational, and/or risk management decisions. Customer agrees that it uses the Coinbase Services
and any related Digital Assets at its own risk in these respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>11.11 Primary Infrastructure Services Provider<I>.&nbsp;</I></B>During
the Term, Coinbase shall be Customer&rsquo;s primary provider of blockchain-related infrastructure services. Customer shall direct all,
or substantially all of its blockchain-related infrastructure needs to Coinbase unless Coinbase cannot facilitate a product offering reasonably
requested by Customer. If Customer is in need of any blockchain-related infrastructure services that are offered by Coinbase, but go beyond
the Coinbase Services contemplated in this Agreement, Customer shall, without any obligation to conclude any agreement, offer Coinbase
a right of first refusal in connection with any such products or services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IN WITNESS WHEREOF,</B> intending to be legally bound, the parties
have caused their duly authorized officers to execute this Agreement as a sealed instrument, as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Coinbase Crypto Services, LLC</B></FONT></TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>21Shares
    Ethereum ETF</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>By: 21Shares US LLC, as sponsor of the customer</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%">/s/ Kevin Johnson</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%">/s/ Andres Valencia</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">Kevin Johnson</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">Andres Valencia</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">VP, Sales and Trading</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">EVP Investment Management</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">October 7, 2025</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">October 6, 2025</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>For Legal Notices</U></FONT></TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>For Legal Notices</U></FONT></TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Address:</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Coinbase Legal</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Coinbase Crypto Services, LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">16 Vestry St, 4<SUP>th</SUP> Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NY, NY 10013</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>Address:</TD>
    <TD>477 Madison Avenue, New York, New York 10022, United States</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Email:</TD>
    <TD></TD>
    <TD>Email:</TD>
    <TD></TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Page 11</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>5
<FILENAME>ea026051901ex10-2_21shares.htm
<DESCRIPTION>AMENDMENT TO THE SPONSOR AGREEMENT, DATED AS OF OCTOBER 8, 2025
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>AMENDMENT TO SPONSOR AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS AMENDMENT (this &ldquo;<U>Amendment</U>&rdquo;)
to the Sponsor Agreement, dated as of July 17, 2024, by and between 21Shares US LLC, a Delaware limited liability company (the &ldquo;<U>Sponsor</U>&rdquo;)
and 21Shares Ethereum ETF (the &ldquo;<U>Trust</U>&rdquo; and such agreement, the &ldquo;<U>Sponsor Agreement</U>&rdquo;), is made as
of October 8, 2025 (the &ldquo;<U>Effective Date&rdquo;</U>) by and between the Sponsor and the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, reference is made
to the Sponsor Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the parties hereto
desire to amend certain provisions of the Sponsor Agreement as more particularly described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the foregoing, the Sponsor Agreement is hereby amended as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"> 1. Paragraph 7 is amended to the below:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">7. <B><U>Sponsor&rsquo;s
Compensation</U>.</B> The Trust shall pay to Sponsor a fee as described in Schedule A that
is attached hereto and made a part hereof. Such fee shall be computed daily and paid not less than weekly in arrears by the Trust. No
other compensation is paid to the Sponsor by the Trust. Sponsor&rsquo;s compensation is paid in consideration of Sponsor&rsquo;s (i) services
under this Agreement and the Trust Agreement and (ii) the payment by Sponsor of the Trust expenses described in paragraph 8 below. The
Sponsor may, in its sole discretion, voluntarily waive all or a portion of the fee it receives from the Trust. As partial consideration
for arranging for the staking of the Trust&rsquo;s ether pursuant to Section 6.7(a)(v) of the Trust Agreement, the Sponsor may in its
sole and absolute discretion provide or arrange for additional compensation which shall be based on the rewards, income or proceeds generated
from such staking activities. The Sponsor may amend, modify, waive, defer or cancel such arrangements from time to time in its sole and
absolute discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt"> 2. In addition, the below is added to Schedule A:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trust will pay to the
Sponsor, as partial consideration for the Sponsor arranging for the staking of the Trust&rsquo;s ether, a percentage of the staking rewards
generated by the Trust&rsquo;s staking program in accordance with the following fee schedule:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Rate</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: justify">21Shares Ethereum ETF</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">25</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">* * * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[THE REMAINDER OF THIS PAGE IS
INTENTIONALLY LEFT BLANK]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, this Amendment
is hereby adopted as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">21Shares Ethereum ETF</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD COLSPAN="2" STYLE="text-align: left">21Shares US LLC, as Sponsor to the Trust</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Duncan Moir</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&nbsp;</TD>
    <TD>Duncan Moir</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:</TD>
    <TD>President</TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">21Shares US LLC</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Duncan Moir</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&nbsp;</TD>
    <TD>Duncan Moir</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Title:</TD>
    <TD>President</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page to Amendment to Sponsor Agreement</I>]</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>ea026051901ex99-1_21shares.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>21Shares Enhances Ethereum ETF (TETH) with Staking
Feature and One-Year Fee Waiver</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NEW YORK, October 8, 2025 &ndash; </B>21Shares US LLC (&ldquo;21Shares&rdquo;),
an affiliate of 21Shares AG, one of the world&rsquo;s largest issuers of crypto exchange traded products, today announced enhancements
to the <U>21Shares Ethereum ETF (TETH)</U>, featuring the introduction of staking and a 12-month waiver of the sponsor fee.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Through staking, the Trust will participate
in Ethereum&rsquo;s network validation process, enabling investors to benefit from the yield-generating potential of the protocol.
The Fund will continue to track the performance of ether, the leading general-purpose blockchain, as measured by the performance of
the CME CF Ether-Dollar Reference Rate adjusted for the Trust&rsquo;s expenses and other liabilities, and to reflect rewards from
staking a portion of the Trust&rsquo;s ether.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With a total expense ratio (TER) of 0.21% &ndash; fully waived for
12 months starting from October 9 &ndash; TETH continues to offer investors transparent exposure to Ethereum (ETH), the world&rsquo;s
second-largest crypto asset and the foundation of decentralized finance, smart contracts, and Web3 innovation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Adding staking to TETH represents the natural evolution
of Ethereum investment products in the U.S. market,&rdquo; said Federico Brokate, Head of U.S. Business at 21Shares. &ldquo;We&rsquo;re
not only offering cost efficiency through the fee waiver but also unlocking an additional layer of network yield for investors. This update
reinforces our goal to deliver institutional-grade crypto products that evolve alongside the technology itself.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 30pt 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">21Shares, which manages over $12 billion in assets globally and has
a presence across major exchanges in Europe and the U.S., also offers the ARK 21Shares Bitcoin ETF (ARKB). Launched in January 2024, ARKB
has quickly established itself as one of the leading spot Bitcoin ETFs in the United States and now currently has over $5.5bn in assets
under management (AUM).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The Trust is not an investment company registered under the Investment
Company Act of 1940 or a commodity pool for purposes of the Commodity Exchange Act. Shares of the Trust are not subject to the same regulations
and protections as 1940 Act ETFs and mutual funds. Please scroll down for additional disclosures. TETH is not suitable for all investors.
An investment in TETH is subject to a high degree of risk, has the potential for significant volatility, and could result in significant
or complete loss of investment. TETH is not suitable for an investor that cannot afford the loss of the entire investment. An investment
in the Trust is not a direct investment in ether.</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About 21Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">21Shares AG, an affiliate of 21Shares US LLC, is one of the world&rsquo;s
leading cryptocurrency exchange traded product providers and offers the largest suite of crypto ETPs in the market. The company was founded
to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21Shares
listed the world&rsquo;s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto exchange-traded
funds that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialised research team, proprietary
technology, and deep capital markets expertise, 21Shares delivers innovative, simple and cost-efficient investment solutions.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">21Shares is a member of 21.co, a global leader in decentralized finance.
For more information, please visit <U>www.21Shares.com</U>.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Media Contact</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Audrey Belloff: audrey.belloff@21shares.com</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alethea Jadick: ajadick@sloanepr.com</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Important Information</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information provided does not constitute a prospectus or other
offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities or financial instruments
in any jurisdiction, including the United States. Some of the information published herein may contain forward-looking statements and
readers are cautioned that any such forward-looking statements are not guarantees of future performance, involve risks and uncertainties,
and actual results may differ. Additionally, there is no guarantee as to the accuracy, completeness, timeliness, or availability of the
information provided and 21.co and its affiliated entities are not responsible for any errors or omissions. The information contained
herein may not be considered as economic, legal, tax, or other advice and viewers are cautioned not to base investment or any other decisions
on the content hereof. Investments in crypto-related securities involve significant risk, including volatility and regulatory uncertainty.
There is no guarantee that the Funds will be approved by the SEC or made available to investors.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ether is subject to unique and substantial risks, including significant
price volatility and lack of liquidity, and theft. The value of an investment in the Trust could decline significantly and without warning,
including to zero. Ether is subject to rapid price swings, including as a result of actions and statements by influencers and the media,
changes in the supply of and demand for ether, and other factors. There is no assurance that ether will maintain its value over the long-term.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust may participate in staking a portion of its Ethereum (ETH)
holdings in order to generate additional rewards. Staking involves committing assets to support the operations of the Ethereum blockchain
and, in return, may provide rewards to the Trust. While staking can potentially enhance returns, it also introduces additional risks,
including operational, technological, regulatory, and counterparty risks.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trust is not actively managed and will not take any actions to
take advantage, or mitigate the impacts, of volatility in the price of ether. An investment in the Trust is not a direct investment in
ether. Investors will also forgo certain rights conferred by owning ether directly. Shares of the Trust are generally bought and sold
at market price (not NAV) and are not individually redeemed from the Trust. Only Authorized Participants may trade directly with the Trust
and only large blocks of Shares called &quot;creation units.&quot; Your brokerage commissions will reduce returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">###</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <import namespace="http://fasb.org/us-types/2025" schemaLocation="https://xbrl.fasb.org/us-gaap/2025/elts/us-types-2025.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/2024-01-31" schemaLocation="https://www.xbrl.org/dtr/type/2024-01-31/types.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2025" schemaLocation="https://xbrl.sec.gov/country/2025/country-2025.xsd" />
    <import namespace="http://fasb.org/srt/2025" schemaLocation="https://xbrl.fasb.org/srt/2025/elts/srt-2025.xsd" />
    <import namespace="http://fasb.org/srt-types/2025" schemaLocation="https://xbrl.fasb.org/srt/2025/elts/srt-types-2025.xsd" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>9
<FILENAME>teth-20251007_lab.xml
<DESCRIPTION>XBRL LABEL FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 6.2a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>10
<FILENAME>teth-20251007_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
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<TYPE>XML
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<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Oct. 07, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Oct.  07,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-42151<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">21SHARES
ETHEREUM ETF<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001992508<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">93-6828290<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">477 Madison Avenue<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">6th Floor<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10022<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(646)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">370-6016<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Units of Beneficial Interest of
    21Shares Ethereum ETF<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">TETH<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">CboeBZX<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityExTransitionPeriod', window );">Elected Not To Use the Extended Transition Period</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityExTransitionPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 7A<br> -Section B<br> -Subsection 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityExTransitionPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
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<td>dei_</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>dei:securityTitleItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:edgarExchangeCodeItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<FILENAME>ea0260519-8k_21shares_htm.xml
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        <period>
            <startDate>2025-10-07</startDate>
            <endDate>2025-10-07</endDate>
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    <unit id="USD">
        <measure>iso4217:USD</measure>
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