<SEC-DOCUMENT>0001999371-24-006936.txt : 20240531
<SEC-HEADER>0001999371-24-006936.hdr.sgml : 20240531
<ACCEPTANCE-DATETIME>20240531165348
ACCESSION NUMBER:		0001999371-24-006936
CONFORMED SUBMISSION TYPE:	S-1/A
PUBLIC DOCUMENT COUNT:		32
FILED AS OF DATE:		20240531
DATE AS OF CHANGE:		20240531

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bitwise Ethereum ETF
		CENTRAL INDEX KEY:			0002013744
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-278308
		FILM NUMBER:		241010556

	BUSINESS ADDRESS:	
		STREET 1:		250 MONTGOMERY STREET
		STREET 2:		SUITE 200
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
		BUSINESS PHONE:		415-707-3663

	MAIL ADDRESS:	
		STREET 1:		250 MONTGOMERY STREET
		STREET 2:		SUITE 200
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94104
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>bitwise-s1a_053124.htm
<DESCRIPTION>AMENDMENT TO FORM S-1
<TEXT>
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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>
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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
filed with the Securities and Exchange Commission on May 31, 2024</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registration No. 333-278308</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>UNITED
STATES</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Washington, D.C. 20549</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>Amendment
No. 1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>to</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
S-1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">REGISTRATION
STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B>Bitwise
Ethereum ETF</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of registrant as specified in its charter)</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>99-6361348</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
or other jurisdiction of</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">incorporation
or organization)</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S.
    Employer <BR>
    Identification No.)</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>c/o
Bitwise Investment Advisers, LLC</B><BR>
<B>250 Montgomery Street, Suite 200</B><BR>
<B>San Francisco, California 94104</B><BR>
<B>(415) 707-3663</B><BR>
(Address, including zip code, and telephone number, including<BR>
area code, of registrant&rsquo;s principal executive offices and for service of process purposes)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copies
to:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Richard Coyle, Esq.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>James
Audette, Esq.</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chapman and Cutler LLP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>320
South Canal Street, 27<SUP>th</SUP> Floor</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chicago,
Illinois 60606</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(312)
845-3724</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Katherine
Dowling, Esq.</B><BR>
<B>Bitwise Investment Advisers, LLC</B><BR>
<B>250 Montgomery Street, Suite 200</B><BR>
<B>San Francisco, California 94104</B><BR>
<B>(415) 707-3663</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximate
date of commencement of proposed sale to the public: As soon as practicable after the effective date of this Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933 check the following box: &#9746;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please
check the following box and list the Securities Act registration statement number of the earlier effective registration statement
for the same offering: &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting
company, or an emerging growth company. See the definitions of &ldquo;large, accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo;
&ldquo;smaller reporting company,&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 22%; padding-right: -4.2pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer &#9744;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer &#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated
    filer &#9746;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller
    reporting company &#9746;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company &#9746;</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
&#9746;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until
the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become
effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective
on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.</B></FONT></P>

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

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information in this Prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective. This Prospectus is not an offer to sell these securities and it
is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subject
to Completion</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Preliminary
Prospectus dated May 31, 2024</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitwise Ethereum ETF</FONT></B></P>

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

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<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: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bitwise Ethereum ETF (the &ldquo;Trust&rdquo;) is an exchange-traded product that issues common shares of beneficial interest
(&ldquo;Shares&rdquo;) that are anticipated to be listed on the NYSE Arca, Inc. (the &ldquo;Exchange&rdquo;) under the ticker
symbol &ldquo;ETHW.&rdquo; The Trust&rsquo;s investment objective is to seek to provide exposure to the value of ether held by
the Trust, less the expenses of the Trust&rsquo;s operations and other liabilities. In seeking to achieve its investment objective,
the Trust will hold ether and establish its net asset value (&ldquo;NAV&rdquo;) by reference to the CME CF Ether &ndash; Dollar
Reference Rate &ndash; New York Variant (&ldquo;Pricing Benchmark&rdquo;). The Pricing Benchmark is calculated by CF Benchmarks
Ltd. (the &ldquo;Benchmark Provider&rdquo;) based on an aggregation of executed trade flow of major ether trading platforms (&ldquo;Constituent
Platforms&rdquo;). The Trust is sponsored and managed by Bitwise Investment Advisers, LLC (the &ldquo;Sponsor&rdquo;). On May
28, 2024, the Pricing Index was $3817.26.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust will pay to the Sponsor a unitary management fee of 0.___% per annum of the Trust&rsquo;s ether holdings (the &ldquo;Sponsor
Fee&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Trust creates or redeems its Shares, it will do so in blocks of 10,000 Shares (each, a &ldquo;Basket&rdquo;) based on the
quantity of ether attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities) multiplied by the
number of Shares comprising a Basket (10,000) (the &ldquo;Basket Amount&rdquo;). For an order to create (purchase) a Basket, the
purchase shall be in the amount of U.S. dollars needed to purchase the Basket Amount (plus a per order transaction fee), as calculated
by the Administrator (as defined below). For an order to redeem a Basket, the Sponsor shall arrange for the Basket Amount of ether
to be sold and the cash proceeds (minus a per order transaction fee) distributed. The Trust only creates and redeems Baskets in
transactions with financial firms that are authorized to purchase or redeem Shares with the Trust (each, an &ldquo;Authorized
Participant&rdquo;). Shares initially comprising the same Basket but offered by the Authorized Participants to the public at different
times may have different offering prices, which depend on various factors, including the supply and demand for Shares, the value
of the Trust&rsquo;s assets, and market conditions at the time of a transaction. Investors who buy or sell Shares during the day
from their broker may do so at a premium or discount relative to the NAV of the Shares.</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">Bitwise Asset Management, Inc., the parent of
the Sponsor, served as seed capital investor to the Trust (the &ldquo;Seed Capital Investor&rdquo;). The Seed Capital Investor agreed
to purchase $200 in Shares on May 28, 2024, and on May&nbsp;28,&nbsp;2024 took delivery of 8 Shares at a per-Share price of $25 (the &ldquo;Seed
Shares&rdquo;). The $200 the Trust received in consideration for the sale of the Seed Shares served as the basis of the audit described
in the sections entitled <I>&ldquo;Report of Independent Registered Public Accounting Firm&rdquo;</I> and <I>&ldquo;Statement of Financial
Condition.&rdquo;</I></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitwise
Investment Manager, LLC, an affiliate of the Sponsor, is expected to purchase the initial Baskets of Shares for $___________,
at a per-Share price of $___ for these ___________ Shares (the &ldquo;Seed Baskets&rdquo;). Such proceeds are expected to be used
by the Trust to purchase ether at or prior to the listing of Shares on the Exchange. Bitwise Investment Manager, LLC will act
as a statutory underwriter in connection with the initial purchase of the Seed Baskets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
who decide to buy or sell Shares of the Trust will place their trade orders through their brokers and may incur customary brokerage
commissions and charges. Prior to this offering, there has been no public market for the Shares. Investing in the Trust involves
risks similar to those involved with an investment directly in ether and other significant risks. <B>See &ldquo;RISK FACTORS&rdquo;
beginning on page 11</B>.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering of the Shares is registered with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) in accordance with the
Securities Act of 1933 (the &ldquo;1933 Act&rdquo;). The Trust intends to issue Shares on a continuous basis and is registering
an indeterminate number of Shares. The offering is intended to be a continuous offering and is not expected to terminate until
three years from the date of the original offering, unless extended as permitted by applicable rules under the 1933 Act. The Trust
is not a fund registered or subject to regulation under the Investment Company Act of 1940. The Trust is not a commodity pool
for purposes of the Commodity Exchange Act of 1936, and the Sponsor is not subject to regulation by the Commodity Futures Trading
Commission as a commodity pool operator or a commodity trading advisor.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AN
INVESTMENT IN THE TRUST MAY NOT BE SUITABLE FOR INVESTORS THAT ARE NOT IN A POSITION TO ACCEPT MORE RISK THAN MAY BE INVOLVED
WITH OTHER EXCHANGE-TRADED PRODUCTS THAT DO NOT HOLD ETHER OR INTERESTS RELATED TO ETHER. THE SHARES ARE SPECULATIVE SECURITIES.
THEIR PURCHASE INVOLVES A HIGH DEGREE OF RISK AND YOU COULD LOSE YOUR ENTIRE INVESTMENT. YOU SHOULD CONSIDER ALL RISK FACTORS
BEFORE INVESTING IN THE TRUST. PLEASE REFER TO &ldquo;RISK FACTORS&rdquo; BEGINNING ON PAGE 11.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OFFERED
IN THIS PROSPECTUS, OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
date of this Prospectus is _____________, 2024</B></FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TABLE
OF CONTENTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="width: 90%; text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa001">Prospectus Summary</A></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa002">Risk Factors</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa003">ETHER, ETHER MARKET AND REGULATION OF ETHER</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa004">THE TRUST AND ETHER PRICES</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa005">Calculation of NAV</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa006">ADDITIONAL INFORMATION ABOUT THE TRUST</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa007">The Trust&rsquo;s Service Providers</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa008">Custody of the Trust&rsquo;s Assets</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa009">THE PRIME EXECUTION AGENT AND the TRADE CREDIT LENDER</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa010">Form of Shares</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa011">Transfer of Shares</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa012">SEED CAPITAL INVESTOR</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa013">Plan of Distribution</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa014">Creation and Redemption of Shares</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa015">Use of Proceeds</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa016">OWNERSHIP OR BENEFICIAL INTEREST IN THE TRUST</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa017">Conflicts of Interest</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa018">FIDUCIARY AND REGULATORY DUTIES AND OBLIGATIONS OF THE SPONSOR</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa019">Liability and Indemnification</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">111</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa020">Provisions of Law</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">113</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa021">Management; Voting by Shareholders</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">113</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa022">Meetings</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa023">Books and Records</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa024">STATEMENTS, FILINGS, AND REPORTS TO SHAREHOLDERS</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa025">Fiscal Year</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa026">GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">114</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa027">Legal Matters</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
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    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
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    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa030">UNITED STATES FEDERAL INCOME TAX CONSEQUENCES</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">121</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa031">Purchases By Employee Benefit Plans</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">127</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa032">Information You Should Know</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa033">SUMMARY OF PROMOTIONAL AND SALES MATERIAL</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa034">Intellectual Property</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">129</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
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    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">129</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 6pt; padding-bottom: 0pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#bitwises1aa036">Privacy Policy</A></FONT></TD>
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    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">130</FONT></TD></TR>
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    <TD STYLE="text-align: right; padding-top: 6pt; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">131</FONT></TD></TR>
</TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus contains information you should consider when making an investment decision about the Shares. You may rely on the information
contained in this Prospectus. The Trust and the Sponsor have not authorized any person to provide you with different information
and, if anyone provides you with different or inconsistent information, you should not rely on it. This Prospectus is not an offer
to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
__________, 2024 (25 days after the date of this prospectus), all dealers effecting transactions in the Shares, whether or not
participating in this distribution, may be required to deliver a prospectus. This requirement is in addition to the obligations
of dealers to deliver a prospectus when acting as underwriters and with respect to unsold allotments or subscriptions. The Sponsor
first intends to use this prospectus on ______________, 2024.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares are not registered for public sale in any jurisdiction other than the United States.&nbsp;</FONT></P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus includes &ldquo;forward-looking statements&rdquo; that generally relate to future events or future performance. In
some cases, you can identify forward-looking statements by terminology such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo;
&ldquo;expect,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;predict,&rdquo;
&ldquo;potential,&rdquo; or the negative of these terms or other comparable terminology. All statements (other than statements
of historical fact) included in this Prospectus that address activities, events, or developments that will or may occur in the
future, including such matters as movements in the digital asset markets, the Trust&rsquo;s operations, the Sponsor&rsquo;s plans,
and references to the Trust&rsquo;s future success and other similar matters, are forward-looking statements. These statements
are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and
analyses the Sponsor has made based on its perception of historical trends, current conditions, and expected future developments,
as well as other factors appropriate in the circumstances.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether
or not actual results and developments will conform to the Sponsor&rsquo;s expectations and predictions is subject to a number
of risks and uncertainties, including:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         special considerations discussed in this Prospectus;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
                                         economic, market and business conditions;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">technology
                                         developments regarding the use of ether and other digital assets, including the systems
                                         used by the Sponsor and the Trust&rsquo;s custodian in their provision of services to
                                         the Trust;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                         in laws or regulations, including those concerning taxes, made by governmental authorities
                                         or regulatory bodies; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
                                         world economic and political developments, including, without limitation, global pandemics
                                         and the societal and government responses thereto.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
<I>&ldquo;Risk Factors.&rdquo;</I> Consequently, all the forward-looking statements made in this prospectus are qualified by these
cautionary statements, and there can be no assurance that the actual results or developments the Sponsor anticipates will be realized
or, even if substantially realized, that they will result in the expected consequences to, or have the expected effects on, the
Trust&rsquo;s operations or the value of the Shares. Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking
statements to conform such statements to actual results or to reflect a change in the Sponsor&rsquo;s expectations or predictions.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">EMERGING
GROWTH COMPANY STATUS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is an <FONT STYLE="text-transform: uppercase">&ldquo;</FONT>emerging growth company<FONT STYLE="text-transform: uppercase">&rdquo;
</FONT>as that term is used in the Jumpstart Our Business Startups Act (the <FONT STYLE="text-transform: uppercase">&ldquo;</FONT>JOBS
Act<FONT STYLE="text-transform: uppercase">&rdquo;)</FONT> and, as such, may elect to comply with certain reduced reporting requirements.
For as long as the Trust is an emerging growth company, unlike other public companies, it will not be required to:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
                                         an auditor&rsquo;s attestation report on management&rsquo;s assessment of the effectiveness
                                         of its system of internal control over financial reporting pursuant to Section 404(b)
                                         of the Sarbanes-Oxley Act of 2002;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">comply
                                         with any new requirements adopted by the Public Company Accounting Oversight Board (&ldquo;PCAOB&rdquo;)
                                         requiring mandatory auditor rotation or a supplement to the auditor&rsquo;s report in
                                         which the auditor would be required to provide additional information about the audit
                                         and the financial statements of the issuer;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">comply
                                         with any new audit rules adopted by the PCAOB after April 5, 2012, unless the Securities
                                         and Exchange Commission determines otherwise;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
                                         certain disclosure regarding executive compensation required of larger public companies;
                                         or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtain
                                         shareholder approval of any golden parachute payments not previously approved.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust will cease to be an &ldquo;emerging growth company&rdquo; upon the earliest of (i) when it has $1.0 billion or more in annual
revenues; (ii) when it is deemed to be a large accelerated filer under Rule 12b-2 promulgated pursuant to the Securities Exchange
Act of 1934; (iii) when it issues more than $1.0 billion of non-convertible debt over a three-year period; or (iv) the last day
of the fiscal year following the fifth anniversary of its initial public offering.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition
period provided in Section 7(a)(2)(B) of the Securities Act of 1933 for complying with new or revised accounting standards. In
other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise
apply to private companies; however, the Trust is choosing to &ldquo;opt out&rdquo; of such extended transition period, and as
a result, the Trust will comply with new or revised accounting standards on the relevant dates on which adoption of such standards
is required for non-emerging growth companies. Section 107 of the JOBS Act provides that the Trust&rsquo;s decision to opt out
of the extended transition period for complying with new or revised accounting standards is irrevocable.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="bitwises1aa001"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus
Summary</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
is only a summary of the prospectus and, while it contains material information about the Trust and its Shares, it does not contain
or summarize all of the information about the Trust and the Shares contained in this prospectus that is material and/or which
may be important to you. You should read this entire prospectus before making an investment decision about the Shares.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>As
used below, &ldquo;Ethereum&rdquo; with an uppercase &ldquo;E&rdquo; is used to describe the system as a whole that is involved
in maintaining the ledger of ether ownership and facilitating the transfer of ether among parties. When referring to the digital
asset within the Ethereum network, &ldquo;ether&rdquo; is written with a lower case &ldquo;e.&rdquo;</I></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overview
of the Trust</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bitwise Ethereum ETF (the &ldquo;Trust&rdquo;) is an exchange-traded product that issues common shares of beneficial interest
(&ldquo;Shares&rdquo;) that are anticipated to be listed on the NYSE Arca, Inc. (the &ldquo;Exchange&rdquo;) under the ticker
symbol &ldquo;ETHW.&rdquo; The Trust&rsquo;s investment objective is to seek to provide exposure to the value of ether held by
the Trust, less the expenses of the Trust&rsquo;s operations and other liabilities. In seeking to achieve its investment objective,
the Trust will hold ether and establish its net asset value (&ldquo;NAV&rdquo;) with reference to the CME CF Ether &ndash; Dollar
Reference Rate &ndash; New York Variant (&ldquo;Pricing Benchmark&rdquo;). The Trust is sponsored and managed by Bitwise Investment
Advisers, LLC (the &ldquo;Sponsor&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
is a relatively new digital asset with the potential to provide a globally exchangeable unit of value that can be transferred
on a peer-to-peer basis. Ether is decentralized, meaning that the supply of ether is not determined by a central government or
entity, but rather by software protocols that determine both the total amount of ether that will be produced and the rate at which
such ether is released into the network. In addition, the official ledger or record of who owns what ether is not maintained by
any central entity, but rather, is maintained by multiple different independent computers and entities simultaneously. Ether has
certain features associated with several types of assets, most notably commodities and currencies. U.S. regulators have made limited
pronouncements regarding the treatment of ether and the Ethereum network under federal and state laws; however, the Sponsor believes
that, on balance, the important features of ether and other digital assets are those that are characteristics of commodities and
therefore has referred to and discussed these assets as such. This interpretation is supported by regulatory actions and court
determinations that regard ether as a commodity under the Commodity Exchange Act of 1936 (the &ldquo;Commodity Exchange Act&rdquo;)
and the Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;) regulations thereunder. In addition, the Sponsor is not aware
of any current U.S. court or regulatory interpretation that regards ether as either legal tender &ndash; although it may be used
as a medium of exchange or form of money &ndash; or a security. It is not known whether all U.S. or foreign regulators or courts
will share this view, adopt a single, different view or espouse a variety of differing views.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
ether remains a relatively new asset, buying, holding and selling ether is very different than buying, holding and selling more
conventional investments like stocks and bonds or other physical commodities. For example, ether generally may be acquired through
the process of &ldquo;validation,&rdquo; purchased or received as consideration in a private transaction, or purchased on a digital
asset trading platform. Private transactions may be difficult to arrange, and involve complex and potentially risky procedures
around safekeeping, transferring and holding the ether. Meanwhile there are also currently over 200 digital asset trading platforms
from which to choose, the quality and regulation of which varies significantly. Purchasing ether on a trading platform generally
requires choosing a platform, opening an account, and transferring money or a different digital asset to the trading platform
in order to purchase the ether. Some trading platforms have been &ldquo;hacked,&rdquo; resulting in significant losses to the
platform or its users.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust intends to provide direct exposure to the value of ether held by the Trust with <FONT STYLE="background-color: white">Coinbase
Custody Trust Company, LLC (&ldquo;Coinbase Custody&rdquo; or </FONT>the &ldquo;Ether Custodian&rdquo;). The Ether Custodian is
chartered as a New York State limited liability trust company that provides custody services for digital assets. The Ether Custodian
is not Federal Deposit Insurance Corporation (&ldquo;FDIC&rdquo;)-insured but carries insurance provided by private insurance
carriers. The net assets of the Trust and its Shares are valued on a daily basis with reference to the Pricing Index, a standardized
reference rate published by CF Benchmarks Ltd. (the &ldquo;Benchmark Provider&rdquo;) that is designed to reflect the performance
of ether in U.S. dollars. The Pricing Index is calculated by the Benchmark Provider based on an aggregation of executed trade
flow of major ether trading platforms (&ldquo;Constituent Platforms&rdquo;). The Pricing Index is calculated as of 4:00 p.m. Eastern
time (&ldquo;ET&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust provides investors with the opportunity to access the market for ether through a traditional brokerage account without the
potential barriers to entry or risks involved with acquiring and holding ether directly. The Trust will not use derivatives that
could subject the Trust to additional counterparty and credit risks. The Sponsor believes that the design of the Trust will enable
certain investors to more effectively and efficiently implement strategic and tactical asset allocation strategies that use ether
by investing in the Shares rather than purchasing, holding and trading ether directly.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
and the Ethereum Network</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
is a digital asset that is created and transmitted through the operations of the peer-to-peer Ethereum network, a decentralized
network of computers that operates on cryptographic protocols. No single entity owns or operates the Ethereum network, the infrastructure
of which is collectively maintained by a decentralized user base. The Ethereum network allows people to exchange tokens of value,
called &ldquo;ether&rdquo; or &ldquo;ETH&rdquo;, which are recorded on a public transaction ledger known as a blockchain. Ether
can be used to pay for goods and services, including computational power on the Ethereum network, or it can be converted to fiat
currencies, such as the U.S. dollar, at rates determined on digital asset trading platforms or in individual end-user-to-end-user
transactions under a barter system. Furthermore, the Ethereum network also allows users to write and implement smart contracts&mdash;that
is, general-purpose code that executes on every computer in the network and can instruct the transmission of information and value
based on a sophisticated set of logical conditions. Using smart contracts, users can create markets, store registries of debts
or promises, represent the ownership of property, move funds in accordance with conditional instructions and create digital assets
other than ether on the Ethereum network. Smart contract operations are executed on the Ethereum Blockchain in exchange for payment
of ether. The Ethereum network is one of a number of projects intended to expand blockchain use beyond just a peer-to-peer money
system.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
there are many alternatives, the Ethereum network is the longest-running and largest smart contract platform in terms of market
cap, availability of decentralized applications (&ldquo;DApps&rdquo;), and development activity. Smart contracts can be utilized
across several different applications ranging from art to finance. Currently, one of the most popular applications is the use
of smart contracts for underpinning the operability of decentralized financial services (&ldquo;DeFi&rdquo;), which consist of
numerous highly interoperable protocols and applications. DeFi offers many opportunities for innovation and has the potential
to create an open, transparent, and immutable financial infrastructure, with democratized access.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ethereum network was originally described in a 2013 white paper by Vitalik Buterin, a programmer involved with bitcoin, with the
goal of creating a global platform for decentralized applications powered by smart contracts. The formal development of the Ethereum
network began through a Swiss firm called Ethereum Switzerland GmbH (&ldquo;EthSuisse&rdquo;), in conjunction with several other
entities. Subsequently, the Ethereum Foundation, a Swiss non-profit organization, was set up to oversee the protocol&rsquo;s development.
The Ethereum network went live on July 30, 2015. Unlike other digital assets, such as bitcoin, which are solely created through
a progressive digital mining process, 72.0 million ether or &ldquo;ETH&rdquo; were created in connection with the launch of the
Ethereum network. The initial 72.0 million ether were distributed as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Initial
Distribution</U>: 60.0 million ether, or 83.33% of the supply, was sold to the public in a crowd sale conducted between July and
August 2014 that raised approximately $18 million which was used to fund the development of the Ethereum network.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Ethereum
Foundation</U>: 6.0 million ether, or 8.33% of the supply, was distributed to the Ethereum Foundation for operational costs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Ethereum
Developers</U>: 3.0 million ether, or 4.17% of the supply, was distributed to developers who contributed to the Ethereum network.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Developer
Purchase Program</U>: 3.0 million ether, or 4.17% of the supply, was distributed to members of the Ethereum Foundation to purchase
at the initial crowd sale price.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;width:96%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the launch of the Ethereum network, ether supply initially increased through a progressive validation process. After the introduction
of EIP-1559, described below, ether supply and issuance rate varies based on factors such as recent use of the network.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinciding
with the network launch, it was decided that EthSuisse would be dissolved, designating the Ethereum Foundation as the sole organization
dedicated to protocol development. The Ethereum network is decentralized in that it does not require governmental authorities
or financial institution intermediaries to create, transmit or determine the value of ether. Rather, following the initial distribution
of ether, ether is created, burned and allocated by the Ethereum network protocol through a process that is currently subject
to an issuance and burn rate. Among other things, ether is used to pay for transaction fees and computational services (i.e.,
smart contracts) on the Ethereum network; users of the Ethereum network pay for the computational power of the machines executing
the requested operations with ether. Requiring payment in ether on the Ethereum network incentivizes developers to write quality
applications and increases the efficiency of the Ethereum network because wasteful code costs more. It also ensures that the Ethereum
network remains economically viable by compensating people for their contributed computational resources.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the Ethereum network has no central authority, the release of updates to the network&rsquo;s source code by developers does not
guarantee that the updates will be automatically adopted by the other participants. Users and validators must accept any changes
made to the source code by downloading the proposed modification and that modification is effective only with respect to those
users and validators who choose to download it.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a modification is accepted by only a percentage of users and validators, a division will occur such that one network will run
the pre-modification source code and the other network will run the modified source code. Such a division is known as a &ldquo;fork.&rdquo;
A fork may be intentional such as when EIP-1559, known as the Ethereum &ldquo;Merge,&rdquo; was implemented on September 15, 2022.
The Merge represents the Ethereum network&rsquo;s shift from proof-of-work to proof-of-stake. This means that instead of being
required to solve complex mathematical problems in order to validate data on the blockchain ledger, validators are required to
stake ether.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
ether is created as a result of &ldquo;staking,&rdquo; or posting collateral, of ether by validators. Validators are required
to stake ether in order to be selected to perform validation activities and then once selected, as a reward, they earn newly created
ether. Validation activities include verifying transactions, storing data, and adding to the Ethereum blockchain. Holders of ether
must stake at least 32 ether to become an Ethereum validator. The Ethereum network provides the ability to execute peer-to-peer
transactions to realize, via smart contracts, automatic, conditional transfer of value and information, including money, voting
rights, and property.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
the Trust, nor the Sponsor, nor the Ether Custodian, nor any other person associated with the Trust will, directly or indirectly,
engage in action where any portion of the Trust&rsquo;s ether becomes subject to the Ethereum proof-of-stake validation or is
used to earn additional ether or generate income or other earnings.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
in the Ethereum network are held in accounts. Each account, or &ldquo;wallet,&rdquo; is made up of at least two components: a
public address and a private key. An Ethereum private key controls the transfer or &ldquo;spending&rdquo; of ether from its associated
public ether address. An ether &ldquo;wallet&rdquo; is a collection of public Ethereum addresses and their associated private
key(s). This design allows only the owner of ether to send ether, the intended recipient of ether to unlock it, and the validation
of the transaction and ownership to be verified by any third party anywhere in the world.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
may be regarded as a currency or digital commodity depending on its specific use in particular transactions. Ether may be used
as a medium of exchange or unit of account. Although a number of large and small retailers accept ether as a form of payment in
the United States and foreign markets, there is relatively limited use of ether for commercial and retail payments. Similarly,
ether may be used as a store of value (i.e., an asset that maintains its value rather than depreciating), although it has experienced
significant periods of price volatility.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of ether is determined by the value that various market participants place on ether through their transactions. Price discovery
occurs through secondary market trading on ether exchanges, over-the-counter trading desks and direct peer-to-peer payments. Many
ether exchanges are open 24 hours a day, 7 days a week. Ether exchanges and over-the-counter trading desks have a relatively limited
history, limited liquidity and trading across exchange order books which has resulted in periods of high volatility and price
divergence among exchanges. Furthermore, during high volatility periods, in addition to price divergences, some ether exchanges
have experienced issues related to account access and trade execution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
</DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;width:96%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
more information on ether and the Ethereum network, see <I>&ldquo;Ether, Ether Market, and Regulation of Ether&rdquo;</I> below.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&rsquo;s Investment Objective and Strategies</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&rsquo;s investment objective is to seek to provide exposure to the value of ether held by the Trust, less the expenses of
the Trust&rsquo;s operations. In seeking to achieve its investment objective, the Trust will hold ether and accrue the Sponsor&rsquo;s
management fee (the &ldquo;Sponsor Fee&rdquo;) in U.S. dollars. The Trust will value its ether holdings, net assets and the Shares
daily based on the Pricing Index. The Trust is passively managed and does not pursue active management investment strategies,
and the Sponsor does not actively manage the ether held by the Trust. This means that the Sponsor does not sell ether at times
when its price is high or acquire ether at low prices in the expectation of future price increases. It also means that the Sponsor
does not make use of any of the hedging techniques available to professional ether investors to attempt to reduce the risks of
losses resulting from price decreases. The Trust will not utilize leverage or any similar arrangements in seeking to meet its
investment objective. Ether will be the only digital asset held by the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Shares are not the exact equivalent of a direct investment in ether, they provide investors with an alternative that constitutes
a relatively cost-effective way to obtain ether exposure through the securities market.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Trust creates or redeems its Shares, it will do so in blocks of 10,000 Shares (each, a &ldquo;Basket&rdquo;) based on the
quantity of ether attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities) multiplied by the
number of Shares comprising a Basket (10,000) (the &ldquo;Basket Amount&rdquo;). For an order to create (purchase) a Basket, the
purchase shall be in the amount of U.S. dollars needed to purchase the Basket Amount (plus a per order transaction fee), as calculated
by the Administrator (as defined below). For an order to redeem a Basket, the Sponsor shall arrange for the Basket Amount to be
sold and the cash proceeds (minus a per order transaction fee) distributed. The Trust only creates and redeems Baskets in transactions
with financial firms that are authorized to purchase or redeem Shares with the Trust (each, an &ldquo;Authorized Participant&rdquo;).
Shares initially comprising the same Basket but offered by the Authorized Participants to the public at different times may have
different offering prices, which depend on various factors, including the supply and demand for Shares, the value of the Trust&rsquo;s
assets, and market conditions at the time of a transaction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Basket Amount required to create each Basket changes from day to day. On each day that the Exchange is open for regular trading,
the Administrator adjusts the quantity of ether constituting the Basket Amount as appropriate to reflect accrued expenses and
any loss of ether that may occur. The computation is made by the Administrator each business day prior to the commencement of
trading on the Exchange. The Administrator determines the Basket Amount for a given day by dividing the number of ether held by
the Trust as of the opening of business on that business day, adjusted for the amount of ether constituting estimated accrued
but unpaid fees and expenses of the Trust as of the opening of business on that business day, by the quotient of the number of
Shares outstanding at the opening of business divided by 10,000. Fractions of an ether smaller than 0.00000000001 are disregarded
for purposes of the computation of the Basket Amount. The Basket Amount so determined is communicated via electronic mail message
to all Authorized Participants and made available on the Sponsor&rsquo;s website for the Shares.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
and Sales of Ether</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the Trust will conduct creations and redemptions of Shares for cash, it will be responsible for purchasing and selling ether in
connection with those creation and redemption orders. The Trust may also be required to sell ether to pay certain extraordinary,
non-recurring expenses that are not assumed by the Sponsor. The Sponsor, on behalf of the Trust, will typically seek to buy and
sell ether at a price as close to the Pricing Index as practical. Such purchase and sale transactions may be conducted pursuant
to two models: (i) the &ldquo;Trust-Directed Trade Model&rdquo;; or the (ii) &ldquo;Agent Execution Model.&rdquo; The Trust intends
to utilize the Trust-Directed Trade Model for all purchases and sales of ether and will only utilize the Agent Execution Model
in the event that no Ether Trading Counterparty (as defined below) is willing or able to effectuate the Trust&rsquo;s purchase
or sale of ether.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust-Directed Trade Model, the Sponsor, on behalf of the Trust, is responsible for acquiring ether from an ether trading
counterparty that has been approved by the Sponsor (each, an &ldquo;Ether Trading Counterparty&rdquo;). [There is no contractual
relationship between the Trust, the Sponsor or the Ether Trading Counterparties and all transactions will be done on an arms-length
basis.]</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;width:96%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Agent Execution Model, Coinbase, Inc. (&ldquo;Coinbase Inc.&rdquo; or the &ldquo;Prime Execution Agent&rdquo;, which is an
affiliate of the Ether Custodian), acting in an agency capacity, conducts ether purchases and sales on behalf of the Trust with
third parties through its Coinbase Prime service pursuant to an agreement (the &ldquo;Prime Execution Agreement.&rdquo;) To utilize
the Agent Execution Model, the Trust may maintain some ether or cash in a trading account (the &ldquo;Trading Balance&rdquo;)
with the Prime Execution Agent. To avoid having to pre-fund purchases or sales of ether in connection with cash creations and
redemptions and sales of ether to pay Trust expenses not assumed by the Sponsor, to the extent applicable, the Trust may borrow
ether or cash as trade credit (&ldquo;Trade Credit&rdquo;) from Coinbase Credit, Inc. (the &ldquo;Trade Credit Lender&rdquo;)
on a short-term basis pursuant to the Coinbase Credit Committed Trade Financing Agreement (the &ldquo;Trade Financing Agreement&rdquo;).</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CME CF Ether &ndash; Dollar Reference Rate &ndash; New York Variant</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Pricing Index was designed to provide a daily, 4:00 p.m. New York time reference rate of the U.S. dollar price of one ether that
may be used to develop financial products. The Pricing Index uses the same methodology as the CME CF Ether-Dollar Reference Rate
(&ldquo;ERR&rdquo;), which was designed by the CME Group and CF Benchmarks Ltd. to facilitate the cash settlement of ether futures
contracts traded on the Chicago Mercantile Exchange (&ldquo;CME&rdquo;). The only material difference between the Pricing Index
and ERR is that the ERR measures the U.S. dollar price of one ether as of 4:00 p.m. London time and the Pricing Index measures
the U.S. dollar price of one ether as of 4:00 pm ET. The CME Group also publishes the CME CF Ether Real Time Index (the &ldquo;CME
Ether Real Time Price&rdquo;), which is a continuous measure of the U.S. dollar price of one ether calculated once per second.
Each of the Pricing Index, ERR and the CME Ether Real Time Price are representative of the ether trading activity on the Constituent
Platforms, which include, as of the date of this Prospectus, Bitstamp, Coinbase, Gemini, itBit, LMAX and Kraken. For more information
on the Pricing Index, ERR and CME Ether Real Time Price, see <I>&ldquo;The Trust and Ether Prices&rdquo;</I> below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust uses the Pricing Index to calculate its daily NAV and utilizes the CME Ether Real Time Price to calculate an Indicative
Trust Value (&ldquo;ITV&rdquo;). The ITV is intended to provide additional information not otherwise available to the public that
may be useful to investors and market professionals in connection with the trading of the Shares on the Exchange. It is calculated
by using the prior day&rsquo;s holdings at close of business and the most recently reported price level of the CME Ether Real
Time Price. The ITV will be disseminated on a per Share basis every 15 seconds during regular Exchange trading hours of 9:30 a.m.
to 4:00 p.m. New York time.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&rsquo;s Legal Structure</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is a Delaware statutory trust, formed pursuant to the Delaware Statutory Trust Act (&ldquo;DSTA&rdquo;). The Trust continuously
issues common shares representing units of undivided beneficial ownership of the Trust that may be purchased and sold on the Exchange.
The Trust operates pursuant to the Amended and Restated Declaration of Trust and Trust Agreement (the &ldquo;Trust Agreement&rdquo;),
dated as of May 28, 2024. Delaware Trust Company, a Delaware trust company, is the Delaware trustee of the Trust (the &ldquo;Trustee&rdquo;).
The Trust is managed and controlled by the Sponsor pursuant to the terms of the Trust Agreement and the Sponsor Agreement, dated
as of June __, 2024, between the Trust and the Sponsor. The Sponsor is a limited liability company formed in the state of Delaware
on June 4, 2018. Except as required under applicable federal law or under the rules or regulations of an Exchange, shareholders
of the Trust (&ldquo;Shareholders&rdquo;) do not have any voting rights, take no part in the management or control, and have no
voice in, the Trust&rsquo;s operations or business.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&rsquo;s Service Providers</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitwise
Investment Advisers, LLC serves as the Sponsor for the Trust. The Sponsor arranged for the creation of the Trust and is responsible
for the ongoing registration of the Shares for their public offering in the U.S. and the listing of Shares on the Exchange. The
Sponsor will develop a marketing plan for the Trust, will prepare marketing materials regarding the Shares, and will operate the
marketing plan of the Trust on an ongoing basis. The Sponsor also oversees the additional service providers of the Trust and exercises
managerial control of the Trust as permitted under the Trust Agreement.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware
Trust Company serves as the Trustee, as required to create a Delaware statutory trust in accordance with the Trust Agreement and
the DSTA.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;width:96%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Administrator</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank of New York Mellon (&ldquo;BNY Mellon&rdquo;) serves as the Trust&rsquo;s administrator (in such capacity, the &ldquo;Administrator&rdquo;).
Under the Trust Administration and Accounting Agreement, the Administrator provides necessary administrative, tax and accounting
services and financial reporting for the maintenance and operations of the Trust. In addition, the Administrator makes available
the office space, equipment, personnel and facilities required to provide such services. The Administrator&rsquo;s principal address
is 240 Greenwich Street, New York, New York 10286.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Transfer Agent</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BNY
Mellon serves as the transfer agent for the Trust (in such capacity, the &ldquo;Transfer Agent&rdquo;). The Transfer Agent: (1)
issues and redeems Shares of the Trust; (2) responds to correspondence by Shareholders and others relating to its duties; (3)
maintains Shareholder accounts; and (4) makes periodic reports to the Trust.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ether Custodian</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Coinbase
Custody Trust Company, LLC</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">serves as the Trust&rsquo;s
Ether Custodian pursuant to an agreement between it and the Trust (the &ldquo;Ether Custody Agreement&rdquo;). The Ether Custodian
is a fiduciary under &sect; 100 of the New York Banking Law. Under the Ether Custody Agreement, the Ether Custodian is responsible
for safekeeping the ether owned by the Trust. The Ether Custodian was selected by the Sponsor. The Ether Custodian has responsibility
for opening a special account that holds the Trust&rsquo;s ether (the &ldquo;Trust Ether Account&rdquo;) and implementing the
controls designed by the Sponsor for the account, as well as facilitating the transfer of ether required for the operation of
the Trust. The Ether Custodian will also enter into an agreement with the Sponsor to open a custody account to receive payment
of the Sponsor Fee (the &ldquo;Sponsor Ether Account&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ether Custodian is a third-party limited purpose trust company that was chartered in 2018 upon receiving a trust charter from
the New York Department of Financial Services. The Ether Custodian has among the longest track records in the industry of providing
custodial services for digital asset private keys. The Sponsor believes that the Ether Custodian&rsquo;s policies, procedures,
and controls for safekeeping, exclusively possessing, and controlling the Trust&rsquo;s ether holdings are consistent with industry
best practices to protect against theft, loss, and unauthorized and accidental use of the private keys. The Trust Ether Account
and Sponsor Ether Account are segregated accounts and are therefore not commingled with corporate or other customer assets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust may retain additional ether custodians from time to time pursuant to an ether custodian agreement to perform certain services
that are typical of an ether custodian. The Sponsor may, in its sole discretion, add or terminate ether custodians at any time.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cash Custodian</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank of New York Mellon also serves as the Cash Custodian pursuant to an agreement between it and the Trust (the &ldquo;Cash Custody
Agreement&rdquo;). The Cash Custodian is the custodian for the Trust&rsquo;s cash holdings. The Trust may retain additional cash
custodians from time to time pursuant to a cash custodian agreement to perform certain services that are typical of a cash custodian.
The Sponsor may, in its sole discretion, add or terminate cash custodians at any time.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Marketing Agent</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreside
Fund Services, LLC (the &ldquo;Marketing Agent&rdquo;) is responsible for: (1) working with the Transfer Agent to review and approve,
or reject, purchase and redemption orders of Shares placed by Authorized Participants with the Transfer Agent; and (2) reviewing
and approving the marketing materials prepared by the Trust for compliance with applicable U.S. Securities and Exchange Commission
(&ldquo;SEC&rdquo;) and Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;) advertising laws, rules, and regulations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for the specific, limited circumstance and time in which the Trust is using the Agent Execution Model, the Trust, the Sponsor
and the service providers will not loan or pledge the Trust&rsquo;s assets, nor will the Trust&rsquo;s assets serve as collateral
for any loan or similar arrangement. During the specific, limited circumstance and time when the Trust is using the Agent Execution
Model, the Trust&rsquo;s ether may be subject to a lien to secure outstanding Trade Credits in favor the Trade Credit Lender,
as is discussed in further detail below.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;width:96%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&rsquo;s Fees and Expenses</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust will pay the unitary Sponsor Fee of 0.__% per annum of the Trust&rsquo;s ether holdings.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement and Sponsor Agreement.
Except during periods during which all or a portion of the Sponsor Fee is being waived, the Sponsor Fee will accrue daily and
will be payable in ether monthly in arrears. The Administrator will calculate the Sponsor Fee on a daily basis by applying a 0.__%
annualized rate to the Trust&rsquo;s total ether holdings, and the amount of ether payable in respect of each daily accrual shall
be determined by reference to the Pricing Index.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NAV of the Trust is reduced each day by the amount of the Sponsor Fee calculated each day. On or about the last day of each month,
an amount of ether will be transferred from the Trust Ether Account to the Sponsor Ether Account equal to the sum of all daily
Sponsor Fees accrued for the month in U.S. dollars divided by the Pricing Index on the last day of the month. The Trust is not
responsible for paying any fees or costs associated with the transfer of ether to the Sponsor. The Sponsor, from time to time,
may temporarily waive all or a portion of the Sponsor Fee in its sole discretion. To the extent not already disclosed in the prospectus,
the Sponsor may notify Shareholders of its intent to commence, or cease, waiving the Sponsor Fee on the Trust&rsquo;s website,
in a prospectus supplement, through a current report on Form 8-K and/or in the Trust&rsquo;s annual or quarterly reports.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
exchange for the Sponsor Fee, the Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include
the Trustee&rsquo;s monthly fee and out-of-pocket expenses, the fees of the Trust&rsquo;s regular service providers (Cash Custodian,
Ether Custodian, Prime Execution Agent, Marketing Agent, Transfer Agent and Administrator), Exchange listing fees, tax reporting
fees, SEC registration fees, printing and mailing costs, audit fees and up to $500,000 per annum in ordinary legal fees and expenses.
The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of the $500,000 per
annum. The Sponsor will also pay the costs of the Trust&rsquo;s organization.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust may incur certain extraordinary, non-recurring expenses that are not assumed by the Sponsor, including but not limited to,
taxes and governmental charges, any applicable brokerage commissions, financing fees, Ethereum network fees and similar transaction
fees, 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 Shareholders (including, for example, in connection with any fork of the Ethereum blockchain,
any Incidental Rights (as defined below) and any IR Asset (as defined below)), any indemnification of the Cash Custodian, Ether
Custodian, Prime Execution Agent, Transfer Agent, Administrator or other agents, service providers or counterparties of the Trust,
and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory
enforcement or investigation matters. The Administrator and/or the Sponsor will direct the Ether Custodian to transfer ether from
the Trust Ether Account to the Sponsor Ether Account to pay the Sponsor Fee and any other Trust expenses not assumed by the Sponsor.
To pay for expenses not assumed by the Sponsor that are denominated in U.S. dollars, the Sponsor, on behalf of the Trust, may
sell the Trust&rsquo;s ether as necessary to pay such expenses.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custody
of the Trust&rsquo;s Assets</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&rsquo;s Ether Custodian will maintain custody of all of the Trust&rsquo;s ether, other than that which is maintained in
a trading account (the &ldquo;Trading Balance&rdquo;) with Coinbase, Inc. (&ldquo;Coinbase Inc.&rdquo; or the &ldquo;Prime Execution
Agent&rdquo;, which is an affiliate of the Ether Custodian), in the Trust Ether Account. The Trading Balance will only be used
in the limited circumstances in which the Trust is using the Agent Execution Model to effectuate the purchases and sales of ether.
The Ether Custodian provides safekeeping of digital assets using a multi-layer cold storage security platform designed to provide
offline security of the digital assets held by the Ether Custodian. However, the Ether Custodian is not a banking institution
or otherwise a member of the Federal Deposit Insurance Corporation (&ldquo;FDIC&rdquo;) and, therefore, deposits held with or
assets held by the Ether Custodian are not FDIC-insured. In addition, neither the Trust nor the Sponsor insure the Trust&rsquo;s
ether. The Ether Custodian has insurance coverage as a subsidiary under its parent company, Coinbase Global, Inc., which procures
fidelity (<I>e.g.</I>, crime) insurance to protect the organization from risks such as theft of funds. Specifically, the fidelity
program provides coverage for the theft of funds held in hot or cold storage. The insurance program is provided by a syndicate
of industry-leading insurers. The insurance program does not cover, insure or guarantee the performance of the Trust.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;width:96%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ether in the Trust Ether Account may be held across multiple wallets, any of which will feature the following safety and security
measures to be implemented by the Ether Custodian:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Cold
                                         Storage</I>: Cold storage in the context of ether means keeping the reserve of ether
                                         offline, which is a widely-used security precaution, especially when dealing with a large
                                         amount of ether. Ether held under custodianship with the Ether Custodian will be kept
                                         in high-security, offline, multi-layer cold storage vaults. This means that the private
                                         keys, the cryptographic component that allows a user to access ether, are stored offline
                                         on hardware that has never been connected to the internet. Storing the private key offline
                                         minimizes the risk of the ether being stolen. The Sponsor expects that all of the Trust&rsquo;s
                                         ether will be held in cold storage of the Ether Custodian on an ongoing basis. In connection
                                         with creations or redemptions, the Trust will, under most circumstances, process redemptions
                                         by selling ether from the portion of its ether held in cold storage.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Private
                                         Keys</I>: All private keys are securely stored using multiple layers of high-quality
                                         encryption and in Ether Custodian-owned offline hardware vaults in secure environments.
                                         No customers or third parties are given access to the Ether Custodian&rsquo;s private
                                         keys.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Whitelisting</I>:
                                         Transactions are only sent to vetted, known addresses. The Ether Custodian&rsquo;s platform
                                         supports pre-approval and test transactions. The Ether Custodian requires authentication
                                         when adding or removing addresses for whitelisting. All instructions to initiate a whitelist
                                         addition or removal must be submitted via the Coinbase Custody platform. When a whitelist
                                         addition or removal request is initiated, the initiating user will be prompted to authenticate
                                         their request using a two-factor authentication key. A consensus mechanism on the Coinbase
                                         Custody platform dictates how many approvals are required in order for the consensus
                                         to be achieved to add or remove a whitelisted address. Only when the consensus is met
                                         is the underlying transaction considered officially approved. An account&rsquo;s roster
                                         and user roles are maintained by the Ether Custodian in a separate log, an Authorized
                                         User List (&ldquo;AUL&rdquo;). Any changes to the account&rsquo;s roster must be reflected
                                         on an updated AUL first and executed by an authorized signatory.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Audit
                                         Trails</I>: Audit trails exist for all movement of ether within Ether Custodian-controlled
                                         ether wallets and are audited annually for accuracy and completeness by an independent
                                         external audit firm.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the above measures, in accordance with the Ether Custody Agreement, ether held in custody with the Ether Custodian
will be segregated from both the proprietary property of the Ether Custodian and the assets of any other customer in accounts
that clearly identify the Trust as the owner of the accounts.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the rare and limited circumstances when the Trust is utilizing the Agent Execution Model to acquire ether, a portion of the Trust&rsquo;s
ether holdings and cash holdings may be held with the Prime Execution Agent in the Trading Balance. The Trust will only utilize
the Agent Execution Model when the Trust-Directed Trading Model is unavailable. Within the Trust&rsquo;s Trading Balance, the
Prime Execution Agreement provides that the Trust does not have an identifiable claim to any particular ether (and cash). Instead,
the Trust&rsquo;s Trading Balance represents an entitlement to a pro rata share of the ether (and cash) the Prime Execution Agent
holds on behalf of customers who hold similar entitlements against the Prime Execution Agent. In this way, the Trust&rsquo;s Trading
Balance represents an omnibus claim on the Prime Execution Agent&rsquo;s ether (and cash) held on behalf of the Prime Execution
Agent&rsquo;s customers. The Prime Execution Agent holds the ether associated with customer entitlements across a combination
of omnibus cold wallets, omnibus &ldquo;hot wallets&rdquo; (meaning wallets whose private keys are generated and stored online,
in Internet-connected computers or devices) or in omnibus accounts in the Prime Execution Agent&rsquo;s name on a trading venue
(including third-party venues and the Prime Execution Agent&rsquo;s own execution venue) where the Prime Execution Agent executes
orders to buy and sell ether on behalf of its clients. Within such omnibus hot and cold wallets and accounts, the Prime Execution
Agent has represented to the Sponsor that it keeps the majority of assets in cold wallets, to promote security, while the balance
of assets is kept in hot wallets to facilitate rapid withdrawals. However, the Sponsor has no control over, and for security reasons
the Prime Execution Agent does not disclose to the Sponsor, the percentage of ether that the Prime Execution Agent holds for customers
holding similar entitlements as the Trust, which are kept in omnibus cold wallets, as compared to omnibus hot wallets or omnibus
accounts in the Prime Execution Agent&rsquo;s name on a trading venue. The Prime Execution Agent has represented to the Sponsor
that the percentage of assets maintained in cold versus hot storage is determined by ongoing risk analysis and market dynamics,
in which the Prime Execution Agent attempts to balance anticipated liquidity needs for its customers as a class against the anticipated
greater security of cold storage.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that the Trust engages an additional Ether Custodian in the future (a &ldquo;Future Ether Custodian,&rdquo; and with
Coinbase Custody, the &ldquo;Ether Custodians&rdquo;), other than the ether held with the Prime Execution Agent in the Trust&rsquo;s
Trading Balance, the Sponsor will allocate the Trust&rsquo;s ether between the Trust Ether Account at Coinbase Custody and the
special account that holds the Trust&rsquo;s ether at the Future Ether Custodian (the &ldquo;Future Trust Ether Account,&rdquo;
and with the Trust Ether Account, the &ldquo;Trust Ether Accounts&rdquo;). In determining the amount and percentage of the Trust&rsquo;s
ether to allocate to each Trust Ether Account, the Sponsor will consider (i) the concentration of the Trust&rsquo;s ether at each
Ether Custodian, (ii) the Sponsor&rsquo;s assessment of the safety and security policies and procedures of each Ether Custodian,
(iii) the insurance policies of each Ether Custodian, (iv) the fees and expenses associated with the storage of the Trust&rsquo;s
ether at each Ether Custodian, (v) the fees and expenses associated with the transfer to or from the Trust Ether Account at each
Ether Custodian, and (vi) any other factor the Sponsor deems relevant in making the allocation determination. The Sponsor does
not intend to disclose the amount or percentage of the Trust&rsquo;s ether held at either Coinbase Custody or the Future Ether
Custodian, and the Sponsor may change the allocation between the Ether Custodians at any time and without notice to Shareholders.
The fees and expenses associated with the transfer of ether between the Trust Ether Account at each Ether Custodian will be borne
by the Sponsor, not the Trust or the Shareholders. Any transfer of ether between the Trust Ether Accounts at each Ether Custodian
will occur &ldquo;on-chain&rdquo; over the Ethereum network. On-chain transactions are subject to all of the risks of the Ethereum
network, including the risk that transactions will be made erroneously and are generally irreversible.</FONT></P>

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

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

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<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;width:96%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust relies on the Cash Custodian to hold any cash related to the creation and redemption of Shares, purchase or sale of ether
or held for payment of expenses not assumed by the Sponsor.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Transfer Agent will facilitate the settlement of Shares in response to the placement of purchase and redemption orders from Authorized
Participants.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plan
of Distribution</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Trust sells or redeems its Shares, it will do so in Baskets. The Trust only creates and redeems Baskets in transactions with
Authorized Participants. In connection with an order to purchase Shares, an Authorized Participant shall deliver to the Transfer
Agent the amount of U.S. dollars needed to purchase the Basket Amount of ether, as well as per order transaction fee. In connection
with an order to redeem Shares, an Authorized Participant shall deliver to the Trust&rsquo;s account at DTC the Basket(s) to be
redeemed and the Sponsor shall arrange for the Basket Amount of ether to be sold and the resulting U.S. dollars to be distributed
to the Authorized Participant. BNY Mellon will facilitate the processing of purchase and redemption orders in Baskets from the
Trust in its capacity as Transfer Agent and will custody the Trust&rsquo;s cash holdings in its capacity as Cash Custodian.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Participants may then offer Shares to the public at prices that depend on various factors, including the supply and demand for
Shares, the value of the Trust&rsquo;s assets, and market conditions at the time of a transaction. Investors who buy or sell Shares
during the day from their broker may do so at a premium or discount relative to the NAV of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
who decide to buy or sell Shares will place their trade orders through their brokers and may incur customary brokerage commissions
and charges. Prior to this offering, there has been no public market for the Shares. The Shares are expected to be listed for
trading, subject to notice of issuance, on the Exchange under the ticker symbol &ldquo;ETHW.&rdquo;</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal
Income Tax Considerations</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Owners
of Shares are treated, for U.S. federal income tax purposes, as if they owned a proportionate share of the assets of the Trust.
They are also viewed as if they directly received a proportionate share of any income of the Trust, or as if they had incurred
a proportionate share of the expenses of the Trust. Consequently, each sale of ether by the Trust (which includes under current
Internal Revenue Service (&ldquo;IRS&rdquo;) guidance using ether to pay expenses of the Trust) constitutes a taxable event to
Shareholders. See <I>&ldquo;United States Federal Income Tax Consequences&mdash;Taxation of U.S. Shareholders.&rdquo;</I></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
of Proceeds</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
received by the Trust from Purchase Orders of Baskets will be used to acquire ether. Such deposits of cash are held by the Cash
Custodian on behalf of the Trust until (i) used to acquire ether, (ii) accrued and distributed to pay Trust expenses and liabilities
not assumed by the Sponsor, (iii) distributed to Authorized Participants in connection with redemptions of Baskets, or (iv) disposed
of in a liquidation of the Trust.</FONT></P>

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

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

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<div STYLE="BORDER:solid BLACK 1pt;padding-left:2%;padding-Right:2%;width:96%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
Investment Risks of an Investment in the Trust</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in the Trust involves risks. Investors may choose to use the Trust as a means of investing indirectly in ether. Because
the value of the Shares is correlated with the value of the ether held by the Trust, it is important to understand the investment
attributes of, and the market for, ether. As noted, there are significant risks and hazards inherent in the ether market that
may cause the price of ether to widely fluctuate. Investors considering a purchase of Shares should carefully consider how much
of their total assets should be exposed to the ether market, and should fully understand, be willing to assume, and have the financial
resources necessary to withstand, the risks involved in the Trust&rsquo;s investment strategy, and be in a position to bear the
potential loss of their entire investment in the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
is a relatively new technological innovation with a limited history. There is no assurance that usage of the Ethereum network
or ether will continue to grow. A contraction in use or adoption of ether may result in increased volatility or a reduction in
the price of ether, which could adversely impact the value of the Shares. Sales of newly created ether may cause the price of
ether to decline, which could negatively affect an investment in the Shares. Ether markets have a limited history, ether trading
prices have exhibited high levels of volatility, and in some cases such volatility has been sudden and extreme. Because of such
volatility, Shareholders could lose all or substantially all of their investment in the Trust. Regulation of the use of ether
and the Ethereum network continues to evolve in both the U.S. and foreign jurisdictions, which may restrict the use of ether or
otherwise impact the demand for ether. Disruptions at digital asset trading platforms could adversely affect the availability
of ether and the ability of Authorized Participants to purchase or sell ether and, therefore, their ability to create and redeem
Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custody
of digital assets such as ether include unique risks of loss. The loss or destruction of private keys could prevent the Trust
from accessing its ether. Loss of these private keys may be irreversible and could result in the loss of all or substantially
all of an investment in the Trust. Similarly, transactions on the Ethereum network generally may not be reversed or corrected,
meaning that errors in transactions from the Trust Ether Account could result in the loss of all or substantially all of an investment
in the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no assurance as to whether the Trust will be profitable or whether the Trust will meet its expenses and liabilities. Any investment
made in the Trust may result in a total loss of the investment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&rsquo;s return may not match the performance of the Pricing Index because the Trust incurs operating expenses. The NAV of
the Trust may not always correspond to the market price of its Shares for a number of reasons, including price volatility, trading
activity, normal trading hours for the Trust, the calculation methodology of the NAV, and/or the closing of digital asset trading
platforms due to fraud, failure, security breaches or otherwise. As a result, Baskets may be created or redeemed at a U.S. dollar
value that differs from the market price of the Shares.</FONT></P>

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


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<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa002"></A>Risk
Factors</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>You
should consider carefully the risks described below before making an investment decision. You should also refer to the other information
included in this prospectus, as well as information found in documents incorporated by reference in this prospectus, before you
decide to purchase any Shares. These risk factors may be amended, supplemented or superseded from time to time by risk factors
contained in any periodic report, prospectus supplement, post-effective amendment or in other reports filed with the SEC in the
future.</I></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Related to Digital Assets</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
trading prices of many digital assets, including ether, have experienced extreme volatility in recent periods and may continue
to do so. Extreme volatility in the future, including further declines in the trading prices of ether, could have a material adverse
effect on the value of the Shares and the Shares could lose all or substantially all of their value.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">The
trading prices of many digital assets, including ether, have experienced extreme volatility in recent periods and may continue
to do so. For instance, there were steep increases in the value of certain digital assets, including ether, over the course of
2017, followed by steep drawdowns throughout 2018 in digital asset trading prices, including for ether. These drawdowns notwithstanding,
digital asset prices, including ether, increased significantly again during 2019, decreased significantly again in the first quarter
of 2020 amidst broader market declines as a result of the novel coronavirus outbreak and increased significantly again over the
remainder of 2020 and the first quarter of 2021. Digital asset prices, including ether, continued to experience significant and
sudden changes throughout 2021 followed by steep drawdowns in the fourth quarter of 2021, and throughout 2022, and digital asset
prices have continued to fluctuate through 2023 and to date in 2024.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Extreme
volatility in the future, including further declines in the trading prices of ether, could have a material adverse effect on the
value of the Shares and the Shares could lose all or substantially all of their value. Furthermore, negative perception, a lack
of stability and standardized regulation in the digital asset economy may reduce confidence in the digital asset economy and may
result in greater volatility in the price of ether and other digital assets, including a depreciation in value. 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>A
decline in the adoption of Ether could negatively impact the Trust.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor will not have any strategy relating to the development of ether and the Ethereum network. However, a lack of expansion
in usage of ether and the Ethereum network could adversely affect an investment in Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
further development and acceptance of the Ethereum network, which is part of a new and rapidly changing industry, is subject to
a variety of factors that are difficult to evaluate. For example, the Ethereum network faces significant obstacles to increasing
the usage of ether without resulting in higher fees or slower transaction settlement times, and attempts to increase the volume
of transactions may not be effective. The slowing, stopping or reversing of the development or acceptance or usage of the Ethereum
network and associated smart contracts. This may adversely affect the price of ether and therefore an investment in the Shares.
The further adoption of ether will require growth in its usage and in the Ethereum network. Adoption of ether will also require
an accommodating regulatory environment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
use of digital assets such as ether to, among other things, buy and sell goods and services, is part of a new and rapidly evolving
industry that employs digital assets based upon computer-generated mathematical and/or cryptographic protocols. Ether is a prominent,
but not unique, part of this industry. The growth of this industry is subject to a high degree of uncertainty, as new assets,
and technological innovations continue to develop and evolve.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Today,
there is limited use of ether in the retail, commercial, or payments spaces, and, on a relative basis, speculators make up a significant
portion of users. Certain merchants and major retail and commercial businesses have only recently begun accepting ether and the
Ethereum network as a means of payment for goods and services. This pattern may contribute to outsized price volatility, which
in turn can make ether less attractive to merchants and commercial parties as a means of payment. A lack of expansion by ether
into retail and commercial markets or a contraction of such use may result in a reduction in the price of ether, which could adversely
affect an investment in the Trust.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, there is no assurance that ether will maintain its value over the long-term. The value of ether is subject to risks
related to its usage. Even if growth in Ethereum adoption occurs in the near or medium-term, there is no assurance that ether
usage will continue to grow over the long-term. A contraction in use of ether may result in increased volatility or a reduction
in the price of ether, which would adversely impact the value of Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Many
digital assets, including ether, were only introduced within the past decade, and the medium-to-long term value of the Shares
is subject to a number of factors relating to the capabilities and development of blockchain technologies and to the fundamental
investment characteristics of digital assets.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Many
digital assets, including ether, were only introduced within the past decade, and the medium-to-long term value of the Shares
is subject to a number of factors relating to the capabilities and development of blockchain technologies, such as the recentness
of their development, their dependence on the internet and other technologies, their dependence on the role played by users, developers
and validators and the potential for malicious activity. For example, the realization of one or more of the following risks could
materially adversely affect the value of the Shares:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 24pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
                                         asset networks, including the Ethereum peer-to-peer network and associated blockchain
                                         ledger (the &ldquo;Ethereum blockchain&rdquo; and together the &ldquo;Ethereum network&rdquo;),
                                         and the software used to operate them are in the early stages of development. Given the
                                         recentness of the development of digital asset networks, digital assets may not function
                                         as intended and parties may be unwilling to use digital assets, which would dampen the
                                         growth, if any, of digital asset networks. Because ether is a digital asset, the value
                                         of the Shares is subject to a number of factors relating to the fundamental investment
                                         characteristics of digital assets, including the fact that digital assets are bearer
                                         instruments and loss, theft, compromise, or destruction of the associated private keys
                                         could result in permanent loss of the asset.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 24pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
                                         asset networks are dependent upon the internet. A disruption of the internet or a digital
                                         asset network, such as the Ethereum network, would affect the ability to transfer digital
                                         assets, including ether, and, consequently, a disruption may impact their value.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 24pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         acceptance of software patches or upgrades by a significant, but not overwhelming, percentage
                                         of the users and validators in a digital asset network, such as the Ethereum network,
                                         could result in a &ldquo;fork&rdquo; in such network&rsquo;s blockchain, including the
                                         Ethereum blockchain, resulting in the operation of multiple separate networks.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 24pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governance
                                         of the Ethereum network is by voluntary consensus and open competition. As a result,
                                         there may be a lack of consensus or clarity on the governance of the Ethereum network,
                                         which may stymie the Ethereum network&rsquo;s utility and ability to grow and face challenges.
                                         In particular, it may be difficult to find solutions or martial sufficient effort to
                                         overcome any future problems on the Ethereum network, especially long-term problems.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 24pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         foregoing notwithstanding, the Ethereum network&rsquo;s protocol is informally overseen
                                         by a collective of core developers who, along with members of the Ethereum community,
                                         can introduce proposals, known as Ethereum Improvement Proposals (&ldquo;EIPs&rdquo;),
                                         for updating the Ethereum network. The core developers evolve over time, largely based
                                         on self-determined participation. An Ethereum client (&ldquo;Ethereum Client&rdquo;)
                                         is a software application that implements the Ethereum network specification and communicates
                                         with the Ethereum network. A &ldquo;node&rdquo; is a computer or other device that has
                                         downloaded the Ethereum Client and is connected to other computers also running the Ethereum
                                         Client software, together forming the Ethereum network. To the extent that a significant
                                         majority of node operators update their individual Ethereum Client to the new specification,
                                         the Ethereum network could be subject to new protocols that may adversely affect the
                                         value of ether. In addition, if a digital asset network has high-profile contributors,
                                         a perception that such contributors will no longer contribute to the network could have
                                         an adverse effect on the market price of the related digital asset.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 24pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
                                         the past several years, digital asset validator operations have evolved from individual
                                         users to &ldquo;professionalized&rdquo; validating operations using proprietary hardware
                                         or sophisticated machines. If the profit margins of digital asset validating operations
                                         are not sufficiently high, including due to a decrease in transaction fees, validators
                                         are more likely to immediately sell tokens earned by validating, resulting in an increase
                                         in liquid supply of that digital asset, which would generally tend to reduce that digital
                                         asset&rsquo;s market price.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 24pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         the extent that any validators cease to record transactions that do not include the payment
                                         of a transaction fee in solved blocks or do not record a transaction because the transaction
                                         fee is too low, such transactions will not be recorded on the Ethereum blockchain until
                                         a block is validated by a validator who does not require the payment of transaction fees
                                         or is willing to accept a lower fee. Any widespread delays in the recording of transactions
                                         could result in a loss of confidence in a digital asset network.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 24pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
                                         digital asset networks, including the Ethereum network, face significant scaling challenges
                                         and are being upgraded with various features designed to increase the speed of digital
                                         asset transactions and the number of transactions that can be processed in a given period
                                         (known as &ldquo;throughput&rdquo;). These attempts to increase the volume of transactions
                                         may not be effective, and such upgrades may fail, resulting in potentially irreparable
                                         damage to the Ethereum network and the value of ether.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 24pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
                                         in the past, flaws in the source code for digital assets have been exposed and exploited,
                                         including flaws that disabled some functionality for users, exposed users&rsquo; personal
                                         information and/or resulted in the theft of users&rsquo; digital assets. The cryptography
                                         underlying ether could prove to be flawed or ineffective, or developments in mathematics
                                         and/or technology, including advances in digital computing, algebraic geometry and quantum
                                         computing, could result in such cryptography becoming ineffective. In any of these circumstances,
                                         a malicious actor may be able to compromise the security of the Ethereum network or take
                                         the Trust&rsquo;s ether, which would adversely affect the value of the Shares. Moreover,
                                         functionality of the Ethereum network may be negatively affected such that it is no longer
                                         attractive to users, thereby dampening demand for ether. Even if another digital asset
                                         other than ether were affected by similar circumstances, any reduction in confidence
                                         in the source code or cryptography underlying digital assets generally could negatively
                                         affect the demand for digital assets and therefore adversely affect the value of the
                                         Shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 24pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Ethereum network has been in the process of implementing a series of software upgrades
                                         and other changes to its protocol, which were previously referred to collectively as
                                         &ldquo;Ethereum 2.0&rdquo; and some of which were implemented during 2022, such as &ldquo;the
                                         Merge&rdquo; that transitioned the Ethereum network from a proof-of-work consensus mechanism
                                         to a proof-of-stake consensus mechanism. These upgrades result in new iterations of the
                                         Ethereum network. Many of the contemplated upgrades to the Ethereum network will include
                                         updates to material aspects of its source code. Although some of these upgrades have
                                         been successfully implemented, such as &ldquo;the Merge,&rdquo; which was completed in
                                         September 2022, there is no guarantee that there are not undiscovered flaws that will
                                         emerge in the future even in upgrades previously considered successful, and previously
                                         successful upgrades do not guarantee that future upgrades will be successful. Any such
                                         undiscovered flaws, or the failure to properly implement future changes, could have a
                                         material adverse effect on the value of ether and the value of the Shares. One completed
                                         upgrade is known as the &ldquo;Shanghai&rdquo; upgrade, which allows users to unstake
                                         their ether and remove it from the relevant smart contract. As a result of this or future
                                         upgrades, it is possible that significant volumes of currently locked and illiquid ether
                                         becomes unlocked and sold, which could increase volatility in ether prices or have a
                                         material adverse effect on the value of ether and the value of the Shares. Upgrades currently
                                         being considered, such as the upcoming &ldquo;Dencun&rdquo; upgrade which is part of
                                         the &ldquo;sharding&rdquo; roadmap or so-called &ldquo;Layer 2&rdquo; solutions, could
                                         have effects which are difficult to anticipate at this time, but could - if unsuccessfully
                                         implemented, or if they contain undiscovered flaws - materially adversely impact or even
                                         effectively eliminate the value of ether, and therefore impact the price of the Shares.
                                         In addition, the acceptance of software patches or upgrades by a significant, but not
                                         overwhelming, percentage of the users and validators in a digital asset network could
                                         result in a &ldquo;fork&rdquo; in such network&rsquo;s blockchain, resulting in the operation
                                         of multiple separate networks. See <I>&ldquo;A temporary or permanent &ldquo;fork&rdquo;
                                         of the Ethereum blockchain could adversely affect the value of the Shares&rdquo;</I>
                                         for additional information.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 24pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Ethereum network is still in the process of developing and making significant decisions
                                         that will affect policies that govern the supply and issuance of ether as well as other
                                         Ethereum network protocols. For example, the Ethereum network has on three separate occasions
                                         reduced the quantity of ether rewarded per block and may make additional changes in the
                                         future. See <I>&ldquo;Ether, Ether Market and Regulation of Ether&rdquo;</I> for additional
                                         information. The open-source nature of many digital asset network protocols, such as
                                         the protocol for the Ethereum network, means that developers and other contributors are
                                         generally not directly compensated for their contributions in maintaining and developing
                                         such protocols. As a result, the developers and other contributors of a particular digital
                                         asset may lack a financial incentive to maintain or develop the network, or may lack
                                         the resources to adequately address emerging issues. Alternatively, some developers may
                                         be funded by companies whose interests are at odds with other participants in a particular
                                         digital asset network. If the Ethereum network does not successfully develop its policies
                                         on supply and issuance, or does so in a manner that is not attractive to network participants,
                                         there may not be sufficient network level support for such network, which could lead
                                         to a decline in the support and price of ether.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 24pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decentralized
                                         application and smart contract developers depend on being able to obtain ether to be
                                         able to run their programs and operate their businesses. In particular, decentralized
                                         applications and smart contracts require ether in order to pay the gas fees needed to
                                         power such applications and smart contracts and execute transactions. As such, they represent
                                         a significant source of demand for ether. Ether&rsquo;s price volatility (particularly
                                         where ether prices increase), or the Ethereum network&rsquo;s wider inability to meet
                                         the demands of decentralized applications and smart contracts in terms of inexpensive,
                                         reliable, and prompt transaction execution (including during congested periods), or to
                                         solve its scaling challenges or increase its throughput, may discourage such decentralized
                                         application and smart contract developers from using the Ethereum network as the foundational
                                         infrastructure layer for building their applications and smart contracts. If decentralized
                                         application and smart contract developers abandon the Ethereum blockchain for other blockchain
                                         or digital asset networks or protocols for whatever reason, the value of ether could
                                         be negatively affected.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Moreover,
because digital assets, including ether, have been in existence for a short period of time and are continuing to develop, there
may be additional risks in the future that are impossible to predict as of the date of this Prospectus.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Digital
assets represent a new and rapidly evolving industry, and the value of the Shares depends on the acceptance of ether.</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">The
first digital asset, bitcoin, was launched in 2009. The Ethereum network launched in 2015 (though some ether was sold in a pre-mine
in 2014). Ether, along with bitcoin, was one of the first cryptographic digital assets to gain global adoption and critical mass.
In general, digital asset networks, including the Ethereum network and other cryptographic and algorithmic protocols governing
the issuance of digital assets represent a new and rapidly evolving industry that is subject to a variety of factors that are
difficult to evaluate. For example, the realization of one or more of the following risks could materially adversely affect the
value of the Shares:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
                                         is only selectively accepted as a means of payment by retail and commercial outlets,
                                         and use of ether by consumers to pay such retail and commercial outlets remains limited.
                                         Banks and other established financial institutions may refuse to process funds for ether
                                         transactions; process wire transfers to or from digital asset exchanges, ether-related
                                         companies or service providers; or maintain accounts for persons or entities transacting
                                         in ether. As a result, the prices of ether may be influenced to a significant extent
                                         by speculators, thus contributing to price volatility that makes retailers less likely
                                         to accept ether in the future.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Banks
                                         may not provide banking services, or may cut off banking services, to businesses that
                                         provide digital asset-related services or that accept digital assets as payment, which
                                         could dampen liquidity in the market and damage the public perception of digital assets
                                         generally or any one digital asset in particular, such as ether, and their or its utility
                                         as a payment system, which could decrease the price of digital assets generally or individually.
                                         Further, the lack of availability of banking services could prevent the Trust from being
                                         able to complete creations and redemptions of Baskets, the timely liquidation of ether
                                         and withdrawal of assets from the Ether Custodian even if the Sponsor determined that
                                         such liquidation was appropriate or suitable, or otherwise disrupt the Trust&rsquo;s
                                         operations.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
                                         privacy-preserving features have been or are expected to be introduced to digital asset
                                         networks, including the Ethereum network. For example, some prominent contributors to
                                         the Ethereum network have proposed the concept of &ldquo;privacy pools,&rdquo; zero-knowledge
                                         proofs, and other privacy-preserving features. If any such features are introduced to
                                         the Ethereum network, any exchanges or businesses that facilitate transactions in ether
                                         may be at an increased risk of criminal or civil lawsuits, or of having banking services
                                         cut off if there is a concern that these features interfere with the performance of anti-money
                                         laundering duties and economic sanctions checks or facilitate illicit financing or crime.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Users,
                                         protocol and application developers and validators may otherwise switch to or adopt certain
                                         digital assets at the expense of their engagement with other digital asset networks,
                                         which may negatively impact those networks, including the Ethereum network.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">The
Trust is not actively managed and will not have any formal strategy relating to the development of the Ethereum network.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Recent
developments in the digital asset economy have led to extreme volatility and disruption in digital asset markets, a loss of confidence
in participants of the digital asset ecosystem, significant negative publicity surrounding digital assets broadly and market-wide
declines in liquidity.</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Beginning
in the fourth quarter of 2021, and continuing throughout 2022 and 2023, digital asset prices fell precipitously. This has led
to volatility and disruption in the digital asset markets and financial difficulties for several prominent industry participants,
including digital asset trading platforms, hedge funds and lending platforms. For example, in the first half of 2022, digital
asset lenders Celsius Network LLC and Voyager Digital Ltd. and digital asset hedge fund Three Arrows Capital each declared bankruptcy,
and the stablecoin TerraUSD collapsed. These events caused a loss of confidence in participants in the digital asset ecosystem,
negative publicity surrounding digital assets more broadly and market-wide declines in digital asset trading prices and liquidity.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Thereafter,
in November 2022, FTX, the third largest digital asset trading platform by volume at the time, halted customer withdrawals amid
rumors of the company&rsquo;s liquidity issues and likely insolvency. Shortly thereafter, FTX&rsquo;s CEO resigned and FTX and
numerous affiliates of FTX filed for bankruptcy. The U.S. Department of Justice subsequently brought criminal charges, including
charges of fraud, violations of federal securities laws, money laundering, and campaign finance offenses, against FTX&rsquo;s
former CEO and others. Subsequently, in November 2023, FTX&rsquo;s CEO was found guilty by a federal jury on all seven criminal
counts against him, including fraud and conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to
commit commodities fraud, and conspiracy to commit money laundering. FTX is also under investigation by the SEC, the Justice Department,
and the Commodity Futures Trading Commission, as well as by various regulatory authorities in the Bahamas, Europe and other jurisdictions.
In response to these events, the digital asset markets have experienced extreme price volatility and declines in liquidity, and
regulatory and enforcement scrutiny has increased, including from the DOJ, the SEC, the CFTC, the White House and Congress. In
addition, several other entities in the digital asset industry filed for bankruptcy following FTX&rsquo;s bankruptcy filing, such
as BlockFi Inc. and Genesis Global Capital, LLC. Additionally, in November 2023, the U.S. Department of the Treasury settled charges
against Binance for violations of U.S. anti-money laundering and sanctions laws. The SEC also brought charges against Genesis
Global Capital, LLC and Gemini Trust Company, LLC on January 12, 2023 for their alleged unregistered offer and sale of securities
to retail investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">The
collapse of TerraUSD and the bankruptcy filings of FTX, Celsius, Voyager and BlockFi have resulted in calls for heightened scrutiny
and regulation of the digital asset industry, with a specific focus on digital asset trading platforms, and custodians. Federal
and state legislatures and regulatory agencies are expected to introduce and enact new laws and regulations to regulate digital
asset intermediaries, such as digital asset trading platforms and custodians. The U.S. regulatory regime &ndash; namely the Federal
Reserve Board, U.S. Congress and certain U.S. agencies (e.g., the SEC, the CFTC, Financial Crimes Enforcement Network (&ldquo;FinCEN&rdquo;),
the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Federal Bureau of Investigation)
as well as the White House &ndash; have issued reports and releases concerning digital assets, including ether and digital asset
markets. However, the extent and content of any forthcoming laws and regulations are not yet ascertainable with certainty, and
may not be ascertainable in the near future. It is possible that new laws and increased regulation and regulatory scrutiny may
require the Trust to comply with certain regulatory regimes, which could result in new costs for the Trust. The Trust may have
to devote increased time and attention to regulatory matters, which could increase costs to the Trust. New laws, regulations and
regulatory actions could significantly restrict or eliminate the market for, or uses of, digital assets including ether, which
could have a negative effect on the value of ether, which in turn would have a negative effect on the value of the Trust&rsquo;s
Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">These
events are continuing to develop at a rapid pace and it is not possible to predict at this time all of the risks that they may
pose to the Sponsor, the Trust, their affiliates and/or the Trust&rsquo;s third-party service providers, or to the digital asset
industry as a whole.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Continued
disruption and instability in the digital asset markets as these events develop, including further declines in the trading prices
and liquidity of ether, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially
all of their value.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Digital
assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse
effect on the market price of such digital assets.</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">The
largest ether wallets are believed to hold, in aggregate, a significant percentage of the ether in circulation. Moreover, it is
possible that other persons or entities control multiple wallets that collectively hold a significant number of ether, even if
they individually only hold a small amount, and it is possible that some of these wallets are controlled by the same person or
entity. As a result of this concentration of ownership, large sales or distributions by such holders could have an adverse effect
on the market price of ether.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Associated with Ether and the Ethereum Network</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
is a relatively new technological innovation with a limited operating history.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
has a relatively limited history of existence and operations compared to traditional commodities. There is a limited established
performance record for the price of ether and, in turn, a limited basis for evaluating an investment in ether. Although past performance
is not necessarily indicative of future result, if ether had a more established history, such history might (or might not) provide
investors with more information on which to evaluate an investment in the trust.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moving
from Proof-of-Work (PoW) to Proof-of-Stake (PoS) Consensus Mechanism.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">In
September 2022, the Ethereum network moved from a proof-of-work to a proof-of-stake mechanism called Serenity, or Ethereum 2.0.
Unlike proof-of-work, in which miners expend computational resources to compete to validate transactions and are rewarded coins
in proportion to the amount of computational resources expended, in proof-of-stake, validators risk or &ldquo;stake&rdquo; coins
to compete to be randomly selected to validate transactions and are rewarded coins in proportion to the total amount of coins
staked. Any malicious activity, such as disagreeing with the eventual consensus or otherwise violating protocol rules, results
in the forfeiture or &ldquo;slashing&rdquo; of a portion of the staked coins. Proof-of-stake is viewed as more energy efficient
and scalable than proof-of-work. There is no guarantee that the Ethereum community will embrace Ethereum 2.0, and the new protocol
may never fully scale.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">The
possibility exists that Ethereum 2.0 may never achieve the goals of the Ethereum community, which may have a negative impact on
the market value of ether, and consequently the NAV of the Trust.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limits
on ether supply.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">The
rate at which new ether are issued and put into circulation is expected to vary. The Ethereum network has no formal cap on the
total supply of ether. The Ethereum network does, however, feature several mechanisms that, individually and in aggregate, have
the effect of limiting the total supply of ether outstanding. These mechanisms are sometimes referred to collectively as the &ldquo;Ethereum
Triple Halving.&rdquo;</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">As
a result of the Merge, where the Ethereum network moved from a proof-of-work to a proof-of-stake mechanism under Ethereum 2.0,
the rate of issuance is greatly reduced. Under proof-of-work, miners expend computational resources to compete to validate transactions
and are rewarded coins in proportion to the amount of computational resources expended, which resulted in comparably more new
tokens rewarded. By contrast, under proof-of-stake, validators risk or &ldquo;stake&rdquo; coins to compete to be randomly selected
to validate transactions and are rewarded coins in proportion to the amount of coins staked, which results in comparably fewer
new tokens rewarded. Following the Merge, approximately 1,700 ether are issued per day, though the issuance rate varies based
on the number of validators on the network.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">The
change from proof-of-work to proof-of-stake also limits the total supply of ether in circulation by effectively locking staked,
certain period of time, making it temporarily unavailable for trading or selling.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Additionally,
the supply of ether is limited as a result of the deflationary gas fee burning mechanism introduced by EIP 1559 in August 2021
to reform the Ethereum gas fee market. EIP 1559 split of fees into two components: the base fee (calculated depending on the network
activity involved) and the tip. When ether issued to pay the base fee, it is removed from circulation, or &ldquo;burnt,&rdquo;
and the tip is paid to validators. As a result of this fee burning mechanism, the overall supply of ether decreases as more ether
are destroyed through the fee burn. Since the fee burning depends on the network activity, the more the transactions on the Ethereum
network, the more ether is burned and the lower the issuance. This also has the effect of reducing the incentives for validators
to validate transactions with higher gas fees, since those validators would only receive the tip and not base fees. Frequently,
the ether supply has been deflationary over a 24 hour period as a result of the burn mechanism.</FONT></P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in the governance of a digital asset network may not receive sufficient support from users and validators, which may negatively
affect that digital asset network&rsquo;s ability to grow and respond to challenges.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
governance of decentralized networks, such as the Ethereum network, is by voluntary consensus and open competition. As a result,
there may be a lack of consensus or clarity on the governance of any particular decentralized digital asset network, which may
stymie such network&rsquo;s utility and ability to grow and face challenges. The foregoing notwithstanding, the protocols for
some decentralized networks, such as the Ethereum network, are informally managed by a group of core developers that propose amendments
to the relevant network&rsquo;s source code. Core developers&rsquo; roles evolve over time, largely based on self determined participation.
If a significant majority of users and validators adopt amendments to a decentralized network based on the proposals of such core
developers, such network will be subject to new protocols that may adversely affect the value of the relevant digital asset.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the foregoing, it may be difficult to find solutions or marshal sufficient effort to overcome any future problems,
especially long-term problems, on digital asset networks.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20">Digital
asset networks face significant scaling challenges and efforts to increase the volume and speed of transactions may not be successful</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Many
digital asset networks, including the Ethereum network, face significant scaling challenges due to the fact that public blockchains
generally face a tradeoff between security and scalability. One means through which public blockchains achieve security is decentralization,
meaning that no intermediary is responsible for securing and maintaining these systems. For example, a greater degree of decentralization
generally means a given digital asset network is less susceptible to manipulation or capture. In practice, this typically means
that every single validator on a given digital asset network is responsible for securing the system by processing every transaction
and every single full node is responsible for maintaining a copy of the entire state of the network. As a result, a digital asset
network may be limited in the number of transactions it can process by the fact that all validators participate in validating
in each block and the capabilities of each single fully participating node.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">As
of December 31, 2023, the Ethereum network handled approximately 13 transactions per second. In an effort to increase the volume
of transactions that can be processed on a given digital asset network, many digital assets are being upgraded with various features
to increase the speed and throughput of digital asset transactions. As corresponding increases in throughput lag behind growth
in the use of digital asset networks, average fees and settlement times may increase considerably. For example, the Ethereum network
has been, at times, at capacity, which has led to increased transaction fees. In December 2017, the popularity of the blockchain-based
game Cryptokitties led to significant network congestion on the Ethereum network. The game, which allows players to trade and
create virtual kitties represented by non-fungible tokens (&ldquo;NFTs&rdquo;), was reported by some sources to have accounted
for more than 10% of the entire Ethereum network traffic at the time causing increases in transaction fees and delays in transaction
processing times, and driving Ethereum network traffic to a reported then-all-time high. Since January 1, 2020, ether transaction
fees have increased from $0.08 average daily transaction fees per ether transaction, to a high of up to approximately $200 (paid
in ether) average daily transaction fees per transaction on April 30, 2022. As of December 31, 2023, ether transaction fees stood
at $3.85 (paid in ether) per transaction, on average. Increased fees and decreased settlement speeds could preclude certain uses
for ether (e.g., micropayments), and could reduce demand for, and the price of, ether, which could adversely impact the value
of the Shares.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">In
the second half of 2020, the Ethereum network began the first of several stages of an upgrade culminating in the Merge. The Merge
amended the Ethereum network&rsquo;s consensus mechanism to a process known as proof-of-stake, and was intended to address the
perceived shortcomings of the proof-of-work consensus mechanism in terms of labor intensity and duplicative computational effort
expended by validators (known under proof-of-work as &ldquo;miners&rdquo;) who did not win the race, under proof-of-work, to be
the first in time to solve the cryptographic puzzle that would allow them to be the only validator permitted to validate the block
and receive the resulting block reward (which was only given to the first validator to successfully solve the puzzle and hash
a given block, and not to others). Instead, under proof-of-stake, a single validator is randomly selected to validate a block,
which it proposes to a committee of other validators, who vote for whether to include the block (or not), which reduces the computational
work performed - and energy expended - to validate each block compared to proof-of-work. See </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Ether,
Ether Market and Regulation of Ether&rdquo; <FONT STYLE="font-style: normal">for additional information.</FONT></FONT></P>

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

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-style: normal"></FONT></FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Following
the Merge, core development of the Ethereum source code has increasingly focused on modifications of the Ethereum protocol to
increase speed, throughput and scalability and also improve existing or next generation uses. Future upgrades to the Ethereum
protocol and Ethereum blockchain to address scaling issues - such as network congestion, slow throughput and periods of high transaction
fees owing to spikes in network demand - have been discussed by network participants, such as sharding. The purpose of sharding
is to increase scalability of the Ethereum blockchain by splitting the blockchain into subsections, called shards, and dividing
validation responsibility so that a defined subset of validators would be responsible for each shard, rather than all validators
being responsible for the entire blockchain, allowing for parallel processing and validation of transactions. However, there appears
to be uncertainty and a lack of existing widespread consensus among network participants about how to solve the scaling challenges
faced by the Ethereum network.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">The
rapid development of other competing scalability solutions, such as those which would rely on handling the bulk of computational
work relating to transactions or smart contracts and decentralized applications (&ldquo;DApps&rdquo;) outside of the main Ethereum
network and Ethereum blockchain, has caused alternatives to sharding to emerge. &ldquo;Layer 2&rdquo; is a collective term for
solutions which are designed to help increase throughput and reduce transaction fees by handling or validating transactions off
the main Ethereum network (known as &ldquo;Layer 1&rdquo;) and then attempting to take advantage of the perceived security and
integrity advantages of the Layer 1 Ethereum network by uploading the transactions validated on the Layer 2 protocol back to the
Layer 1 Ethereum network. The details of how this is done vary significantly between different Layer 2 technologies and implementations.
For example, &ldquo;rollups&rdquo; perform transaction execution outside the Layer 1 blockchain and then post the data, typically
in batches, back to the Layer 1 Ethereum blockchain where consensus is reached. &ldquo;Zero knowledge rollups&rdquo; are generally
designed to run the computation needed to validate the transactions off-chain, on the Layer 2 protocol, and submit a proof of
validity of a batch of transactions (not the entire transactions themselves). By contrast, &ldquo;optimistic rollups&rdquo; assume
transactions are valid by default and only run computation, via a fraud proof, in the event of a challenge. Other proposed Layer
2 scaling solutions include, among others, &ldquo;state channels&rdquo;, which are designed to allow participants to run a large
number of transactions on the Layer 2 side channel protocol and only submit two transactions to the main Layer 1 Ethereum blockchain
(the transaction opening the state channel, and the transaction closing the channel), &ldquo;side chains&rdquo;, in which an entire
Layer 2 blockchain network with similar capabilities to the existing Layer 1 Ethereum blockchain runs in parallel with the existing
Layer 1 Ethereum blockchain and allows smart contracts and DApps to run on the Layer 2 side chain without burdening the main Layer
1 network, and others. To date, the Ethereum network community has not coalesced overwhelmingly around any particular Layer 2
solution, though this could change.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">There
is no guarantee that any of the mechanisms in place or being explored for increasing the speed and throughput of settlement of
Ethereum network transactions will be effective, or how long these mechanisms will take to become effective, which could cause
the Ethereum network to not adequately resolve scaling challenges and adversely impact the adoption of ether and the Ethereum
network and the value of the Shares. There is no guarantee that any potential scaling solution, whether a change to the Layer
1 blockchain like sharding or the introduction of a Layer 2 solution like rollups, state channels or side chains, will achieve
widespread adoption. It is possible that proposed changes to the Layer 1 Ethereum network could divide the community, potentially
even causing a hard fork, or that the decentralized governance of the Ethereum network causes network participants to fail to
coalesce overwhelmingly around any particular solution, causing the Ethereum network to suffer reduced adoption or causing users
or validators to migrate to other blockchain networks. It is also possible that scaling solutions could fail to work as intended
or could introduce bugs, coding defects or flaws, security risks, or other problems that could cause them to suffer operational
disruptions. Any of the foregoing could adversely affect the price of ether or the value of the Shares of the Trust.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
name change and any associated rebranding initiative by the core developers of ether may not be favorably received by the digital
asset community, which could negatively impact the value of ether and the value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, digital assets may undergo name changes and associated rebranding initiatives. For example, Bitcoin Cash may sometimes
be referred to as Bitcoin ABC in an effort to differentiate itself from any Bitcoin Cash hard forks, such as Bitcoin Satoshi&rsquo;s
Vision, and in the third quarter of 2018, the team behind ZEN rebranded and changed the name of ZenCash to &ldquo;Horizen.&rdquo;
The Sponsor cannot predict the impact of any name change and any associated rebranding initiative on ether. After a name change
and an associated rebranding initiative, a digital asset may not be able to achieve or maintain brand name recognition or status
that is comparable to the recognition and status previously enjoyed by such digital asset. The failure of any name change and
any associated rebranding initiative by a digital asset may result in such digital asset not realizing some or all of the anticipated
benefits contemplated by the name change and associated rebranding initiative, and could negatively impact the value of ether
and the value of the Shares.</FONT></P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smart
contracts, including those relating to DeFi applications, are a new technology and their ongoing development and operation may
result in problems, which could reduce the demand for ether or cause a wider loss of confidence in the Ethereum network, either
of which could have an adverse impact on the value of ether.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smart
contracts are programs that run on the Ethereum blockchain that execute automatically when certain conditions are met. Since smart
contracts typically cannot be stopped or reversed, vulnerabilities in their programming can have damaging effects. For example,
in June 2016, a vulnerability in the smart contracts underlying The DAO allowed an attack by a hacker to syphon approximately
$60 million worth of ether from The DAO&rsquo;s accounts into a segregated account. In the aftermath of the theft, certain core
developers and contributors pursued a &ldquo;hard fork&rdquo; of the Ethereum network in order to erase any record of the theft.
Despite these efforts, the price of ether reportedly dropped approximately 35% in the aftermath of the attack and subsequent hard
fork. In addition, in July 2017, a vulnerability in a smart contract for a multi-signature wallet software developed by Parity
led to a reportedly $30 million theft of ether, and in November 2017, a new vulnerability in Parity&rsquo;s wallet software reportedly
led to roughly $160 million worth of ether being indefinitely frozen in an account. Furthermore, in April 2018, a batch overflow
bug was found in many Ethereum-based ERC20-compatible smart contract tokens that allows hackers to create a large number of smart
contract tokens, causing multiple crypto asset platforms worldwide to shut down ERC20-compatible token trading. Similarly, in
March 2020, a design flaw in the MakerDAO smart contract caused forced liquidations of crypto assets at significantly discounted
prices, resulting in millions of dollars of losses to users who had deposited crypto assets into the smart contract. Other smart
contracts, such as bridges between blockchain networks and decentralized finance (&ldquo;DeFi&rdquo;) protocols have also been
manipulated, exploited or used in ways that were not intended or envisioned by their creators such that attackers syphoned over
$3.8 billion worth of digital assets from smart contracts in 2022. Problems with the development, deployment, and operation of
smart contracts may have an adverse effect on the value of ether.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
some cases, smart contracts can be controlled by one or more &ldquo;admin keys&rdquo; or users with special privileges, or &ldquo;super
users.&rdquo; These users may have the ability to unilaterally make changes to the smart contract, enable or disable features
on the smart contract, change how the smart contract receives external inputs and data or transmits ether or other digital assets,
and make other changes to the smart contract. Furthermore, in some cases inadequate public information may be available about
certain smart contracts or applications, and information asymmetries may exist, even with respect to open-source smart contracts
or applications; certain participants may have hidden informational or technological advantages, making for an uneven playing
field. There may be opportunities for bad actors to perpetrate fraudulent schemes and engage in illicit activities and other misconduct,
such as exit scams and rug pulls (orchestrated by developers and/or influencers who promote a smart contract or application and,
ultimately, escape with the money at an agreed time), or Ponzi or similar fraud schemes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
DeFi applications are currently deployed on the Ethereum network, and smart contracts relating to DeFi applications currently
represent a significant source of demand for ether. DeFi applications may achieve their investment purposes through self-executing
smart contracts that may allow users, for example, to invest digital assets in a pool from which other users can borrow without
requiring an intermediate party to facilitate these transactions. These investments may earn interest to the investor based on
the rates at which borrowers repay the loan, and can generally be withdrawn by the investor. For smart contracts that hold a pool
of digital asset reserves, smart contract super users or admin key holders may be able to extract funds from the pool, liquidate
assets held in the pool, or take other actions that decrease the value of the digital assets held by the smart contract in reserves.
Even for digital assets that have adopted a decentralized governance mechanism, such as smart contracts that are governed by the
holders of a governance token, such governance tokens can be concentrated in the hands of a small group of core community members,
who would be able to make similar changes unilaterally to the smart contract. If any such super user or group of core members
unilaterally make adverse changes to a smart contract, the design, functionality, features and value of the smart contract, its
related digital assets may be harmed. In addition, assets held by the smart contract in reserves may be stolen, misused, burnt,
locked up or otherwise become unusable and irrecoverable. Super users can also become targets of hackers and malicious attackers.
If an attacker is able to access or obtain the super user privileges of a smart contract, or if a smart contract&rsquo;s super
users or core community members take actions that adversely affect the smart contract, users who transact with the smart contract
may experience decreased functionality of the smart contract or may suffer a partial or total loss of any digital assets they
have used to transact with the smart contract. Furthermore, the underlying smart contracts may be insecure, contain bugs or other
vulnerabilities, or otherwise may not work as intended. Any of the foregoing could cause users of the DeFi application to be negatively
affected, or could cause the DeFi application to be the subject of negative publicity. Because DeFi applications may be built
on the Ethereum network and represent a significant source of demand for ether, public confidence in the Ethereum network itself
could be negatively affected, such sources of demand could diminish, and the value of ether could decrease. Similar risks apply
to any smart contract or decentralized application, not just DeFi applications.</FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Validators
may suffer losses due to staking, which could make the Ethereum network less attractive.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Validation
on the Ethereum network requires ether to be transferred into smart contracts on the underlying blockchain networks not under
the Trust&rsquo;s or anyone else&rsquo;s control. If the Ethereum network source code or protocol fail to behave as expected,
suffer cybersecurity attacks or hacks, experience security issues, or encounter other problems, such assets may be irretrievably
lost. In addition, the Ethereum networks dictate requirements for participation in validation activity, and may impose penalties,
or &ldquo;slashing,&rdquo; if the relevant activities are not performed correctly, such as if the staker acts maliciously on the
network, &ldquo;double signs&rdquo; any transactions, or experience extended downtimes. If validators&rsquo; staked ether are
slashed by the Ethereum network, their assets may be confiscated, withdrawn, or burnt by the network, resulting in losses to them.
Furthermore, the Ethereum network requires the payment of base fees and the practice of paying tips is common, and such fees can
become significant as the amount and complexity of the transaction grows, depending on the degree of network congestion and the
price of ether. Any cybersecurity attacks, security issues, hacks, penalties, slashing events, or other problems could damage
validators&rsquo; willingness to participate in validation, discourage existing and future validators from serving as such, and
adversely impact the Ethereum network&rsquo;s adoption or the price of ether. Any disruption of validation on the Ethereum network
could interfere with network operations and cause the Ethereum network to be less attractive to users and application developers
than competing blockchain networks, which could cause the price of ether to decrease.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proof-of-stake
blockchains are a relatively recent innovation, and have not been subject to as widespread use or adoption over as long of a period
of time as traditional proof-of-work blockchains.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Certain
digital assets, such as bitcoin, use a &ldquo;proof-of-work&rdquo; consensus algorithm. The genesis block on the Bitcoin blockchain
was mined in 2009, and Bitcoin&rsquo;s blockchain has been in operation since then. Many newer blockchains enabling smart contract
functionality, including the current Ethereum network following the completion of the Merge in 2022, use a newer consensus algorithm
known as &ldquo;proof-of-stake.&rdquo; While their proponents believe that they may have certain advantages, the &ldquo;proof-of-stake&rdquo;
consensus mechanisms and governance systems underlying many newer blockchain protocols, including the Ethereum network following
the Merge, and their associated digital assets - including the ether held by the Trust - have not been tested at scale over as
long of a period of time or subject to as widespread use or adoption as, for example, bitcoin&rsquo;s proof-of-work consensus
mechanism has. This could lead to these blockchains, and their associated digital assets, having undetected vulnerabilities, structural
design flaws, suboptimal incentive structures for network participants (e.g., validators), technical disruptions, or a wide variety
of other problems, any of which could cause these blockchains not to function as intended, lead to outright failure to function
entirely causing a total outage or disruption of network activity, or to suffer other operational problems or reputational damage,
leading to a loss of users or adoption or a loss in value of the associated digital assets, including the Trust&rsquo;s assets.
Over the long term, there can be no assurance that the proof-of-stake blockchain on which the Trust&rsquo;s assets rely will achieve
widespread scale or adoption or perform successfully; any failure to do so could negatively impact the value of the Trust&rsquo;s
assets.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust will not directly or indirectly participate in any staking program, and accordingly the Shareholders will not receive any
staking rewards or other income.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Neither
the Trust, nor the Sponsor, nor the Ether Custodian, nor any other person associated with the Trust will, directly or indirectly,
engage in action where any portion of the Trust&rsquo;s ether becomes subject to the Ethereum proof-of-stake validation or is
used to earn additional ether or generate rewards or other income. The Trust&rsquo;s inability to participate in staking will
cause the Trust to forgo any additional ether, rewards or other income from which the Trust could have benefitted had the Trust
been able to stake the Trust&rsquo;s ether. Accordingly, the Trust may underperform other pooled investment vehicles holding ether
that may participate in staking.&nbsp; Investors who seek to participate in staking rewards should consider other investment options.</FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loss or destruction of a private key required to access ether may be irreversible. The Ether Custodian&rsquo;s loss of access
to a private key associated with the Trust&rsquo;s ether could adversely affect an investment in the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfers
of ether among users are accomplished via ether transactions (i.e., sending ether from one user to another). The creation of a
ether transaction requires the use of a unique numerical code known as a &ldquo;private key.&rdquo; In the absence of the correct
private key corresponding to a holder&rsquo;s particular ether, the ether is inaccessible. The custody of the Trust&rsquo;s ether
is handled by the Ether Custodian, and the transfer of ether to and from Authorized Participants is directed by the Sponsor. The
Sponsor has evaluated the procedures and internal controls of the Trust&rsquo;s Ether Custodian to safeguard the Trust&rsquo;s
ether holdings. If the Ether Custodian&rsquo;s internal procedures and controls are inadequate to safeguard the Trust&rsquo;s
ether holdings, and the Trust&rsquo;s private key(s) is (are) lost, destroyed or otherwise compromised and no backup of the private
key(s) is (are) accessible, the Trust will be unable to access its ether, which could adversely affect an investment in the Shares.
In addition, if the Trust&rsquo;s private key(s) is (are) misappropriated and the Trust&rsquo;s ether holdings are stolen, the
Trust could lose some or all of its ether holdings, which could adversely impact an investment in the Shares.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
competing digital assets may pose a challenge to ether&rsquo;s current market dominance, resulting in a reduction in demand for
ether, which could have a negative impact on the price of ether and may have a negative impact on the performance of the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ethereum
faces significant competition from other digital assets, as well as from other technologies or payment forms, such as Swift, ACH,
remittance networks, credit cards and cash. There is no guarantee that ether will become a dominant form of payments, store of
value or method of exchange.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ethereum network and ether, as an asset, hold a &ldquo;first-to-market&rdquo; advantage over other smart contract platforms. This
first-to-market advantage has resulted in the Ethereum network evolving into one of the most well-developed network of any digital
asset, particularly for the creation of decentralized applications and smart contracts. The Ethereum network enjoys the largest
user base of any smart contract platform. However, despite the first-mover advantage of the Ethereum network over many other digital
assets, it is possible that real or perceived shortcomings in the Ethereum network, or technological, regulatory or other developments,
including the failure to fully implement planned changes, such as all aspects of Ethereum 2.0, could result in a decline in popularity
and acceptance of ether and the Ethereum network, and other digital assets could become more widely accepted and used than the
Ethereum network. Also, ether is one of the few virtual currencies in which there are strong arguments that ether is not a &ldquo;security&rdquo;
under the federal securities laws. Regulatory changes or guidance that result in other virtual currencies not meeting the definition
of &ldquo;security&rdquo; will reduce advantages associated with ether&rsquo;s current regulatory status, which could adversely
impact an investment in the Shares. Promoters of other digital assets claim that those digital assets have solved certain of the
purported drawbacks of the Ethereum network, for example, allowing faster settlement times, reducing transaction fees, or reducing
electricity usage in connection with validating. If these digital assets are successful, such success could reduce demand for
ether and adversely affect the value of ether and an investment in the Trust. It is currently unclear which digital assets, if
any, will become and remain dominant, as the sector continues to innovate and evolve. Changes in the viability of any digital
asset ecosystem may adversely impact pricing and liquidity of ether and, therefore, of the Trust.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competition
from central bank digital currencies (&ldquo;CBDCs&rdquo;) and emerging payments initiatives involving financial institutions
could adversely affect the value of ether and other digital assets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Central
banks in various countries have introduced digital forms of legal tender (CBDCs). China&rsquo;s CBDC project, known as Digital
Currency Electronic Payment, has reportedly been tested in a live pilot program conducted in multiple cities in China. Central
banks representing at least 130 countries have published retail or wholesale CBDC work ranging from research to pilot projects.
Whether or not they incorporate blockchain or similar technology, CBDCs, as legal tender in the issuing jurisdiction, could have
an advantage in competing with, or replace, ether and other cryptocurrencies as a medium of exchange or store of value. Central
banks and other governmental entities have also announced cooperative initiatives and consortia with private sector entities,
with the goal of leveraging blockchain and other technology to reduce friction in cross-border and interbank payments and settlement,
and commercial banks and other financial institutions have also recently announced a number of initiatives of their own to incorporate
new technologies, including blockchain and similar technologies, into their payments and settlement activities, which could compete
with, or reduce the demand for, ether. As a result of any of the foregoing factors, the value of ether could decrease, which could
adversely affect an investment in the Trust.</FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prices
of ether may be affected due to stablecoins (including Tether and USDC), the activities of stablecoin issuers and their regulatory
treatment.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">While
the Trust does not invest in stablecoins, it may nonetheless be exposed to risks that stablecoins pose for the ether market and
other digital asset markets. Stablecoins are digital assets designed to have a stable value over time as compared to typically
volatile digital assets, and are typically marketed as being pegged to a fiat currency, such as the U.S. dollar, at a certain
value. Although the prices of stablecoins are intended to be stable, their market value may fluctuate. This volatility has in
the past apparently impacted the price of ether. Stablecoins are a relatively new phenomenon, and it is impossible to know all
of the risks that they could pose to participants in the ether market. In addition, some have argued that some stablecoins, particularly
Tether, are improperly issued without sufficient backing in a way that, when the stablecoin is used to pay for ether, could cause
artificial rather than genuine demand for ether, artificially inflating the price of ether, and also argue that those associated
with certain stablecoins may be involved in laundering money. On February 17, 2021, the New York Attorney General entered into
an agreement with Tether&rsquo;s operators, requiring them to cease any further trading activity with New York persons and pay
$18.5 million in penalties for false and misleading statements made regarding the assets backing Tether. On October 15, 2021,
the CFTC announced a settlement with Tether&rsquo;s operators in which they agreed to pay $42.5 million in fines to settle charges
that, among others, Tether&rsquo;s claims that it maintained sufficient U.S. dollar reserves to back every Tether stablecoin in
circulation with the &ldquo;equivalent amount of corresponding fiat currency&rdquo; held by Tether were untrue. <FONT STYLE="color: #231F20">In
addition, a large amount of Tether is issued as ERC-20 tokens on the Ethereum network. If Tether were to no longer be issued or
operating on the Ethereum network, there would be no need to use ether to pay the gas fees needed to record ERC-20 Tether transactions
on the Ethereum blockchain, and a substantial source of demand for ether could be eliminated, which could cause the price of ether
to decrease, affecting the value of the Shares.</FONT></FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">USDC
is a reserve-backed stablecoin issued by Circle Internet Financial that is commonly used as a method of payment in digital asset
markets, including the ether market. An affiliate of the Sponsor acts as investment manager to a money market fund, the Circle
Reserve Fund, which the issuer of USDC uses to hold cash, U.S. Treasury bills, notes and other obligations issued or guaranteed
as to principal and interest by the U.S. Treasury, and repurchase agreements secured by such obligations or cash, which serve
as reserves backing USDC stablecoins. While USDC is designed to maintain a stable value at 1 U.S. dollar at all times, on March
10, 2023, the value of USDC fell below $1.00 for multiple days after Circle Internet Financial disclosed that US$3.3 billion of
the USDC reserves were held at Silicon Valley Bank, which had entered FDIC receivership earlier that day. Stablecoins are reliant
on the U.S. banking system and U.S. treasuries, and the failure of either to function normally could impede the function of stablecoins,
and therefore could adversely affect the value of the Shares. An affiliate of the Sponsor has a minority equity interest in the
issuer of USDC. <FONT STYLE="color: #231F20">Similar to Tether, a large amount of USDC is issued as ERC-20 tokens on the Ethereum
network. If USDC were to no longer be issued or operating on the Ethereum network, there would be no need to use ether to pay
the gas fees needed to record ERC-20 USDC transactions on the Ethereum blockchain, and a substantial source of demand for ether
could be eliminated, which could cause the price of ether to decrease, affecting the value of the Shares.</FONT></FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Given
the foundational role that stablecoins play in global digital asset markets, their fundamental liquidity can have a dramatic impact
on the broader digital asset market, including the market for ether. Because a large portion of the digital asset market still
depends on stablecoins such as Tether and USDC, there is a risk that a disorderly de-pegging or a run on Tether or USDC could
lead to dramatic market volatility in digital assets more broadly. Volatility in stablecoins, operational issues with stablecoins
(for example, technical issues that prevent settlement), concerns about the sufficiency of any reserves that support stablecoins
or potential manipulative activity when unbacked stablecoins are used to pay for other digital assets (including ether), or regulatory
concerns about stablecoin issuers or intermediaries, such as exchanges, that support stablecoins, could impact individuals&rsquo;
willingness to trade on trading venues that rely on stablecoins, reduce liquidity in the ether market, and affect the value of
ether, and in turn impact an investment in the Shares.</FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the digital asset award or transaction fees for recording transactions on the Ethereum network are not sufficiently high to incentivize
validators, or if certain jurisdictions continue to limit or otherwise regulate validating activities, validators may cease expanding
validating power or demand high transaction fees, which could negatively impact the value of ether and the value of the Shares.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">In
2021, the Ethereum network implemented the EIP-1559 upgrade. EIP-1559 changed the methodology used to calculate transaction fees
paid to ether validators in such a manner that reduced the total net issuance of ether fees paid to validators. If the digital
asset awards for validating blocks or the transaction fees for recording transactions on the Ethereum network are not sufficiently
high to incentivize validators, or if certain jurisdictions continue to limit or otherwise regulate validating activities, validators
may cease expending validating power to validate blocks and confirmations of transactions on the Ethereum blockchain could be
slowed. For example, the realization of one or more of the following risks could materially adversely affect the value of the
Shares:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.6in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         reduction in staked ether on the Ethereum network could increase the likelihood of a
                                         malicious actor obtaining control of the network<I>.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 43pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Validators
                                         have historically accepted relatively low transaction confirmation fees on most digital
                                         asset networks. If validators demand higher transaction fees for recording transactions
                                         in the Ethereum blockchain or a software upgrade automatically charges fees for all transactions
                                         on the Ethereum network, the cost of using ether may increase and the marketplace may
                                         be reluctant to accept ether as a means of payment. Alternatively, validators could collude
                                         in an anti-competitive manner to reject low transaction fees on the Ethereum network
                                         and force users to pay higher fees, thus reducing the attractiveness of the Ethereum
                                         network. Higher transaction confirmation fees resulting through collusion or otherwise
                                         may adversely affect the attractiveness of the Ethereum network, the value of ether and
                                         the value of the Shares.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 43pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.75pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         the extent that any validators cease to record transactions that do not include the payment
                                         of a transaction fee in blocks or do not record a transaction because the transaction
                                         fee is too low, such transactions will not be recorded on the Ethereum blockchain until
                                         a block is validated by a validator who does not require the payment of transaction fees
                                         or is willing to accept a lower fee. Any widespread delays or disruptions in the recording
                                         of transactions could result in a loss of confidence in the Ethereum network and could
                                         prevent the Trust from completing transactions associated with the day-to-day operations
                                         of the Trust, including creations and redemptions of the Shares in exchange for ether
                                         with Authorized Participants.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 43pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.45pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
                                         the course of the block validation processes, validators exercise the discretion to select
                                         which transactions to include within a block and in what order to include these transactions.
                                         Beyond the standard block reward and transaction fees, validators have the ability to
                                         extract what is known as Maximal Extractable Value (&ldquo;MEV&rdquo;) by strategically
                                         choosing, reordering, or excluding certain transactions during block production in return
                                         for increased transaction fees or other forms of profit for such validators. In blockchain
                                         networks that facilitate DeFi protocols in particular, such as the Ethereum network,
                                         users may attempt to gain an advantage over other users by offering additional fees to
                                         validators for effecting the order or inclusions of transactions within a block. Certain
                                         software solutions, such as MEV Boost by Flashbots, have been developed which facilitate
                                         validators and other parties in the ecosystem in capturing MEV. The presence of MEV may
                                         incentivize associated practices such as sandwich attacks or front running that can have
                                         negative repercussions on DeFi users. A &ldquo;sandwich attack&rdquo; is executed by
                                         placing two transactions around a large, detected transaction to capitalize on the expected
                                         price impact. For instance, a market participant might identify a sizable transaction
                                         within the mempool that will significantly alter an asset&rsquo;s price on a decentralized
                                         exchange. The participant could then for example orchestrate a transaction bundle: one
                                         transaction to acquire the asset prior to the detected transaction, followed by the large
                                         transaction itself, and a final transaction to sell the asset after the market price
                                         has increased due to the large transaction&rsquo;s execution. Such transaction bundles
                                         can be submitted to validators through mechanisms like MEV-Boost, with validators receiving
                                         a share of the profits as an incentive to include the specific transaction bundle in
                                         the block. In the context of MEV, &ldquo;front running&rdquo; is said to occur when a
                                         user spots a transaction in the publicly visible so-called memory pool (&ldquo;mempool&rdquo;)
                                         of pending but unexecuted transactions awaiting validation, and then pays a high transaction
                                         fee to a validator to have their transaction executed on a priority basis in a manner
                                         designed to profit from the pending but unexecuted transaction that is still in the mempool.
                                         MEV may also compromise the predictability of transaction execution, which may deter
                                         usage of the network as a whole. Although based on widely available information given
                                         that transactions in the mempool are publicly visible, any potential perception of MEV
                                         as unfair manipulation may also discourage users and other stakeholders from engaging
                                         with DeFi protocols or the Ethereum network in general. In addition, it&rsquo;s possible
                                         regulators or legislators could enact rules which restrict practices associated with
                                         MEV, which could diminish the popularity of the Ethereum network among users and validators.
                                         Any of these or other outcomes related to MEV may adversely affect the value of ether
                                         and the value of the Shares.</FONT></TD></TR></TABLE>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anonymity
and illicit financing risk.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
transaction details of peer-to-peer transactions are recorded on the Ethereum blockchain, a buyer or seller of digital assets
on a peer-to-peer basis directly on the Ethereum network may never know to whom the public key belongs or the true identity of
the party with whom it is transacting. Public key addresses are randomized sequences of alphanumeric characters that, standing
alone, do not provide sufficient information to identify users. In addition, certain technologies may obscure the origin or chain
of custody of digital assets. The opaque nature of the market poses asset verification challenges for market participants, regulators
and auditors and gives rise to an increased risk of manipulation and fraud, including the potential for Ponzi schemes, bucket
shops and pump and dump schemes. Digital assets have in the past been used to facilitate illicit activities. If a digital asset
was used to facilitate illicit activities, businesses that facilitate transactions in such digital assets could be at increased
risk of potential criminal or civil liability or lawsuits, or of having banking or other services cut off, and such digital asset
could be removed from digital asset platforms. Any of the aforementioned occurrences could adversely affect the price of the relevant
digital asset, the attractiveness of the respective blockchain network and an investment in the Shares. If the Trust or the Sponsor
were to transact with a sanctioned entity, the Trust or the Sponsor would be at risk of potential criminal or civil lawsuits or
liability.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust takes measures with the objective of reducing illicit financing risks in connection with the Trust&rsquo;s activities. However,
illicit financing risks are present in the digital asset markets, including markets for ether. There can be no assurance that
the measures employed by the Trust will prove successful in reducing illicit financing risks, and the Trust is subject to the
complex illicit financing risks and vulnerabilities present in the digital asset markets. If such risks eventuate, the Trust,
the Sponsor or their affiliates could face civil or criminal liability, fines, penalties, or other punishments, be subject to
investigation, have their assets frozen, lose access to banking services or services provided by other service providers, or suffer
disruptions to their operations, any of which could negatively affect the Trust&rsquo;s ability to operate or cause losses in
value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust and Sponsor have adopted and implemented policies and procedures that are designed to comply with applicable anti-money
laundering laws and sanctions laws and regulations, including applicable know-your-customer (&ldquo;KYC&rdquo;) laws and regulations.
The Sponsor and the Trust will only interact with known third-party service providers with respect to whom the Sponsor or its
affiliates have engaged in a thorough due diligence process and or a thorough KYC process, such as the Authorized Participants,
Ether Trading Counterparties, Prime Execution Agent and Ether Custodian. The Prime Execution Agent and Ether Custodian must undergo
counterparty due diligence by the Sponsor. Each Authorized Participant must undergo onboarding by the Sponsor prior to placing
creation or redemption orders with respect to the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
Authorized Participants, as broker-dealers, and the Prime Execution Agent and Ether Custodian, as entities licensed to conduct
virtual currency business activity by the New York Department of Financial Services and a limited purpose trust company subject
to New York Banking Law, respectively, are &ldquo;financial institutions&rdquo; subject to the U.S. Bank Secrecy Act, as amended
(&ldquo;BSA&rdquo;), and U.S. economic sanctions laws. The Trust will only accept creation and redemption requests from Authorized
Participants who have represented to the Trust that they have implemented compliance programs that are designed to ensure compliance
with applicable sanctions and anti-money laundering laws. The Trust will not hold any ether except those that have been delivered
by approved Ether Trading Counterparties or by execution through the Prime Execution Agent, in connection with Authorized Participant
creation requests. Moreover, the Prime Execution Agent has represented to the Trust that it has implemented and will maintain
and follow compliance programs that are designed to comply with applicable sanctions and anti-money laundering laws and that it
performs both initial and ongoing due diligence on each of its customers as well as ongoing transaction monitoring that is designed
to identify and report suspicious activity conducted through customer accounts, including those opened by the Authorized Participants
or their agents/partners for purposes of facilitating ether deposits to, and withdrawals from, the Trust&rsquo;s Trading Balance,
as required by law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Execution Agent and Ether Custodian have adopted and implemented anti-money laundering and sanctions compliance programs,
which provides additional protections to ensure that the Sponsor and the Trust do not transact with a sanctioned party. Notably,
the Prime Execution Agent and Ether Custodian perform screening using blockchain analytics to identify, detect, and mitigate the
risk of transacting with a sanctioned or other unlawful actor. Pursuant to the Ether Custodian&rsquo;s and Prime Execution Agent&rsquo;s
blockchain analytics screening program, any ether that is delivered to the Trust Ether Account or the Trust&rsquo;s Trading Balance
will undergo screening designed to assess whether the origins of that ether are illicit.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Execution Agreement provides, among others, that if the Prime Execution Agent conducts blockchain analytics screening on
an ether transaction deposited by an Authorized Participant and such screening results in the ether transaction being suspected
or determined to be in violation of certain applicable sanctions laws, the Prime Execution Agent and its affiliates, including
the Ether Custodian, will (a) block or reject the deposit of such ether into the Trust&rsquo;s Trading Account, where required
by applicable sanctions laws, and (b) agree to promptly inform the Trust if any fund movement between an Authorized Participant&rsquo;s
account at the Prime Execution Agent and the Trust&rsquo;s account(s) involves such ether, so long as permitted by applicable
law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
there is no guarantee that such procedures will always prove to be effective or that the Prime Execution Agent and its affiliates
will always perform their obligations. Such screening may also result in the ether identified by such screening being blocked
or frozen by the Prime Execution Agent, and thus made unavailable to the Trust. Moreover, the Prime Execution Agreement and Ether
Custody Agreement require the Trust to attest that it has performed its own due diligence on the Ether Trading Counterparties
it has contracted with to source ether from and has confirmed that the Ether Trading Counterparties have implemented policies,
procedures and controls designed to comply with applicable anti-money laundering and applicable sanctions laws. Although the Sponsor
arranges for such diligence to be performed, including by the Trust&rsquo;s service providers, there is no guarantee such diligence
will prove effective in identifying all possible sources of illicit financing risks. Ether Trading Counterparties represent to
the Sponsor that they conduct due diligence on their own counterparties from whom they source the ether they deposit with the
Trust, and that they have formed a reasonable belief that such ether being transferred by the Ether Trading Counterparty to the
Trust were not derived from, or associated with, unlawful or criminal activity. However, there is the risk that Ether Trading
Counterparties may not conduct sufficient due diligence processes on the sources of their ether or that their representations
to the Sponsor may turn out to be inaccurate, which could cause the Trust to suffer a loss. If the Authorized Participants or
Ether Trading Counterparties have inadequate policies, procedures and controls for complying with applicable anti-money laundering
and applicable sanctions laws or the Trust&rsquo;s procedures or diligence prove to be ineffective, violations of such laws could
result, which could result in regulatory liability for the Trust or the Sponsor under such laws, including governmental fines,
penalties, and other punishments, as well as potential liability to or cessation of services by the Prime Execution Agent and
its affiliates, including the Ether Custodian, under the Prime Execution Agreement and Ether Custody Agreement. Any of the foregoing
could result in losses to the Shareholders or negatively affect the Trust&rsquo;s ability to operate.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
temporary or permanent &ldquo;fork&rdquo; of the Ethereum blockchain could adversely affect the value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ethereum network operates using open-source protocols, meaning that any user can become a node by downloading the Ethereum Client,
modify it and then propose that the other nodes (and users and validators of ether) support the modification (in the case of nodes,
by downloading it into their own Ethereum Clients; in the case of validators and users who are not nodes, by continuing to use
the Ethereum network rather than abandoning it or switching to a competing blockchain network).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ethereum Foundation and core developers are able to access and alter the Ethereum network source code and, as a result, they are
typically responsible for proposing quasi-official or widely publicized releases of updates and other changes to the Ethereum
network&rsquo;s source code (although any user can do so). However, the release of proposed updates to the Ethereum network&rsquo;s
source code by core developers does not guarantee that the updates will be automatically adopted. Nodes must accept any changes
made to the Ethereum source code by choosing to download the proposed modification of the Ethereum network&rsquo;s source code
in their individual Ethereum Client, and ultimately a critical mass of validators and users - such as DApp and smart contract
developers, as well as users of DApps and smart contracts, and anyone else who transacts on the Ethereum blockchain or Ethereum
network - must support the shift, or the upgrades will lack adoption. A modification of the Ethereum network&rsquo;s source code
is only effective with respect to the Ethereum nodes that download it and modify their Ethereum Clients accordingly, and in practice
such decisions are heavily influenced by the preferences of validators and users. When a modification is introduced and a sufficiently
broad critical mass of users and validators support the modification and nodes download the modification into their individual
Ethereum Clients, the change is implemented and the network remains uninterrupted. However, if less than a sufficiently broad
critical mass (in practice, amounting to a substantial majority) of users and validators support the proposed modification and
nodes refuse to download the modification to their Ethereum Clients, and the modification is not backwards compatible with the
Ethereum blockchain or network or the Ethereum Clients of nodes prior to their modification, the consequence would be what is
known as a &ldquo;hard fork&rdquo; of the Ethereum network, with one group of nodes running the pre-modified software, with users
and validators continuing to use the pre-modified software, while the other group would adopt and run the modified software. The
effect of such a fork would be the existence of two versions of the Ethereum network running in parallel on separate networks
using separate blockchain ledgers, yet lacking interchangeability. In practice, the two networks would compete with each other
for users, validators, and adoption, potentially to their mutual detriment (for example, if the number of validators on each network
is too small leading to security concerns, as discussed below, or if the number of users on each is reduced compared to the number
of users of the single pre-fork blockchain network). Debates relating to hard forks can be contentious and hard fought among network
participants, and can lead to ill will.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
future fork in the Ethereum network could adversely affect the value of the Shares or the ability of the Trust to operate. A hard
fork could also adversely affect the price of ether at the time of announcement or adoption or subsequently. For example, the
announcement of a hard fork could lead to increased demand for the pre-fork digital asset, in anticipation that ownership of the
pre-fork digital asset would entitle holders to a new digital asset following the fork. The increased demand for the pre-fork
digital asset may cause the price of the digital asset to rise. After the hard fork, it is possible the aggregate price of the
two versions of the digital asset running in parallel would be less than the price of the digital asset immediately prior to the
fork. If the hard fork caused operational problems for either post-fork network or blockchain, the digital assets associated with
the affected network could lose some or all of their value. Furthermore, while the Sponsor will, as permitted by the terms of
the Trust Agreement, determine which network is generally accepted as the Ethereum network and should therefore be considered
the appropriate network for the Trust&rsquo;s purposes, and there is no guarantee that the Sponsor will choose the network and
the associated digital asset that is ultimately the most valuable fork. Any of these events could therefore adversely impact the
value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2022, the Ethereum network transitioned to a proof-of-stake model, in an upgrade referred to as the &ldquo;Merge.&rdquo;
Following the Merge, a hard fork of the Ethereum network occurred, as certain Ethereum validators and network participants planned
to maintain the proof-of-work consensus mechanism that was removed as part of the Merge. This version of the network was rebranded
as &ldquo;Ethereum Proof-of-Work.&rdquo; A fork may also occur as a result of an unintentional or unanticipated software flaw
in the various versions of otherwise compatible software that users run. Such a fork could lead to users and validators abandoning
the digital asset and associated network with the flawed software. It is possible, however, that a substantial number of users
and validators could adopt an incompatible version of the digital asset while resisting community-led efforts to merge the two
chains. This could result in a permanent fork.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forks
may also occur as a network community&rsquo;s response to a significant security breach. For example, in July 2016, Ethereum &ldquo;forked&rdquo;
into Ethereum and a new digital asset, Ethereum Classic, as a result of the Ethereum network community&rsquo;s response to a significant
security breach. In June 2016, an anonymous hacker exploited a smart contract running on the Ethereum network to syphon approximately
$60 million of ether held by The DAO, a distributed autonomous organization, into a segregated account. In response to the hack,
most participants in the Ethereum community elected to adopt a &ldquo;fork&rdquo; that effectively reversed the hack. However,
a minority of users continued to develop the original blockchain, referred to as &ldquo;Ethereum Classic&rdquo; with the digital
asset on that blockchain now referred to as ETC. ETC now trades on several digital asset exchanges. A fork may also occur as a
result of an unintentional or unanticipated software flaw in the various versions of otherwise compatible software that users
run. Such a fork could lead to users and validators abandoning the digital asset with the flawed software. It is possible, however,
that a substantial number of users and validators could adopt an incompatible version of the digital asset while resisting community-led
efforts to merge the two chains. This could result in a permanent fork, as in the case of Ethereum and Ethereum Classic.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
a hard fork can lead to new security concerns. For example, when the Ethereum and Ethereum Classic networks split in July 2016,
replay attacks, in which transactions from one network were rebroadcast to nefarious effect on the other network, plagued Ethereum
trading platforms through at least October 2016. An Ethereum trading platform announced in July 2016 that it had lost 40,000 Ethereum
Classic, worth about $100,000 at that time, as a result of replay attacks. Similar replay attack concerns occurred in connection
with the Bitcoin Cash and Bitcoin Satoshi&rsquo;s Vision networks split in November 2018. Another possible result of a hard fork
is an inherent decrease in the level of security due to a fracturing of the network. After a hard fork, it may become easier for
an individual validator or validating pool&rsquo;s power to exceed 50% of the validating power of a digital asset network that
retained or attracted less validating power, making it more susceptible to attack.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Protocols
may also be cloned. Unlike a fork, which modifies an existing blockchain, and results in two competing networks, each with the
same genesis block, a &ldquo;clone&rdquo; is a copy of a protocol&rsquo;s codebase, but results in an entirely new blockchain
and new genesis block. Tokens are created solely from the new &ldquo;clone&rdquo; network and, in contrast to forks, holders of
tokens of the existing network that was cloned do not receive any tokens of the new network. A &ldquo;clone&rdquo; results in
a competing network that has characteristics substantially similar to the network it was based on, subject to any changes as determined
by the developer(s) that initiated the clone. A clone may also adversely affect the price of ether at the time of announcement
or adoption or subsequently. For example, on November 6, 2016, Rhett Creighton, a Zcash developer, cloned the Zcash Network to
launch Zclassic, a substantially identical version of the Zcash Network that eliminated the Founders&rsquo; Reward. For the days
following the date the first Zclassic block was mined, the price of ZEC fell from $504.57 on November 5, 2016 to $236.01 on November
7, 2016 in the midst of a broader sell off of ZEC beginning immediately after the Zcash Network launch on October 28, 2016.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to forks, a digital asset may become subject to a similar occurrence known as an &ldquo;airdrop.&rdquo; In an airdrop,
the promotors of a new digital asset announce to holders of another digital asset that such holders will be entitled to claim
a certain amount of the new digital asset for free, based on the fact that they hold such other digital asset. For example, in
March 2017 the promoters of Stellar Lumens announced that anyone that owned bitcoin as of June 26, 2017 could claim, until August
27, 2017, a certain amount of Stellar Lumens. Airdrops could create operational, security, legal or regulatory, or other risks
for the Trust, the Sponsor, the Ether Custodian, Authorized Participants, or other entities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
only digital asset that will be held by the Trust is ether. If ether were to fork into two digital assets, the Trust may hold,
in addition to its existing ether balance, a right to claim an equivalent amount of the new &ldquo;forked&rdquo; asset following
the hard fork. However, the Pricing Index does not track forks involving ether. The Trust may receive or claim rights to any digital
assets created by a fork of the Ethereum network that are supported by the Custodian and for which the Trust&rsquo;s trading counterparties
support a secondary market. Furthermore, the Pricing Index does not track air drops involving ether or the Ethereum network. Accordingly,
the Trust will disclaim, and the Sponsor will cause the Trust to irrevocably abandon, all rights to digital assets air dropped
to holders of ether. By investing in the Trust rather than directly in ether, you forgo potential economic benefits associated
with air drops. Before the Trust claims any digital asset resulting from a fork in the Ethereum network or an air drop (other
than ether), the Trust would need to seek and obtain certain regulatory approvals, including an amendment to the Trust&rsquo;s
registration statement of which this Prospectus is a part and approval of an application by the Exchange to amend its listing
rules. If such approvals are not obtained, the Sponsor will cause the Trust to irrevocably abandon such digital asset.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of a hard fork of the Ethereum network, the Sponsor will, if permitted by the terms of the Trust Agreement, use its
discretion to determine which network should be considered the appropriate network for the Trust&rsquo;s purposes, and in doing
so may adversely affect the value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of a hard fork of the Ethereum network, the Sponsor will use its discretion to determine, promptly and in good faith,
which digital asset 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. The Sponsor will base its determination
on a variety of then relevant factors, including, but not limited to, the Sponsor&rsquo;s beliefs regarding expectations of the
core developers of ether, users, services, businesses, validators and other constituencies, as well as the actual continued acceptance
of and validator and community engagement with, the Ethereum network, along with market capitalization and trading activity. There
is no guarantee that the Sponsor will choose the cryptocurrency that is ultimately the most valuable fork, and the Sponsor&rsquo;s
decision may adversely affect the value of the Shares as a result. The Sponsor may also disagree with Shareholders, the Ether
Custodian, security vendors and the Benchmark Provider on what is generally accepted as ether and should therefore be considered
&ldquo;ether&rdquo; for the Trust&rsquo;s purposes, which may also adversely affect the value of the Shares as a result.</FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of a hard fork of the Ethereum network, the Ether Custodian&rsquo;s operations may be interrupted or subject to additional
security risks that could disrupt the Trust&rsquo;s ability to process creations and redemptions of Shares or otherwise threaten
the security of the Trust&rsquo;s ether holdings.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of a hard fork of the Ethereum network, the Ether Custodian may temporarily halt the ability of customers (including
the Trust) to deposit, withdraw or transfer ether on the Ether Custodian&rsquo;s platform. Such a delay may be intended to permit
the Ether Custodian to assess the resulting versions of the Ethereum network, to determine how best to securely &ldquo;split&rdquo;
the ether from the Forked Asset, and to prevent malicious users from conducting &ldquo;replay attacks&rdquo; (<I>i.e.</I>, broadcasting
transactions on both versions of the forked networks to put Ether Custodian assets at risk). As a result, the Trust is likely
to suspend creations and redemptions during a period in which the Ether Custodian&rsquo;s operations are halted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, any losses experienced by the Ether Custodian due to a hard fork, including due to replay attacks or technological errors
in assessing the fork could have a materially adverse impact on an investment in the Shares.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
may not receive the benefits of any forks or &ldquo;airdrops.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to forks, a digital asset, including ether, may become subject to a similar occurrence known as an &ldquo;airdrop.&rdquo;
In an airdrop, the promotors of a new digital asset announce to holders of another digital asset that such holders will be entitled
to claim a certain amount of the new digital asset for free, based on the fact that they hold such other digital asset. Such airdrops
are common on the Ethereum network. Airdrops may be conducted by sending a token to the holders of set amounts of ether or to
particular public addresses on the Ethereum network. Or airdrops may involve a user being entitled to claim tokens on a decentralized
application, second-layer network or entirely separate digital asset network. As such, a user entitled to receive airdrops may
be required to take little or significant actions in order to receive such airdropped tokens. Shareholders may not receive the
benefits of any forks, the Trust may not choose, or be able, to participate in an airdrop, and the timing of receiving any benefits
from a fork, airdrop or similar event is uncertain.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
right to receive any such benefit of a fork or airdrop is referred to as an &ldquo;Incidental Right&rdquo; and any digital asset
acquired through an Incidental Right as &ldquo;IR Assets.&rdquo; Pursuant to the Trust Agreement, the Trust has explicitly disclaimed
all Incidental Rights and IR Assets. Such assets are not considered assets of the Trust at any point in time and will not be taken
into account for purposes of determining the Trust&rsquo;s NAV and the NAV per Share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Trust Agreement, to the extent that the Trust involuntarily receives such assets in a Trust wallet, it will, as soon as
practicable, and, if possible, immediately, distribute such assets to the Sponsor. Once acquired, the Sponsor may take any lawful
action necessary or desirable in connection with its acquisition of such assets. In the event that the Sponsor decides to sell
the Incidental Right(s) and/or IR Asset(s), it will seek to do so for cash. This may be a sale of the Incidental Right(s) and/or
IR Asset(s) directly in exchange for cash, or in exchange for another digital asset which may subsequently be exchanged for cash.
The Sponsor would then contribute that cash back to the Trust, which in turn would distribute the cash to the Depository Trust
Company (&ldquo;DTC&rdquo;) to be distributed to Shareholders in proportion to the number of Shares owned.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Sponsor intends, if possible, to arrange for the sale of any Incidental Right(s) and/or IR Asset(s) it receives from the Trust
and subsequently contribute such cash proceeds back to the Trust, it is under no obligation to do so. There are likely to be operational,
tax, securities law, regulatory, legal and practical issues that significantly limit, or prevent entirely, the Sponsor&rsquo;s
ability to realize a benefit from any such Incidental Right(s) and/or IR Asset(s). The Sponsor may choose to evaluate any such
fork, airdrop or similar occurrence on a case-by-case basis in consultation with its legal advisors, tax consultants and custodian.
In determining whether to attempt to acquire and/or retain any Incidental Right(s) and/or IR Asset(s), the Sponsor expects to
take into consideration whatever factors it deems relevant in its discretion, including, without limitation:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         availability of a safe and practical way to custody the Incidental Right or IR Asset;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         costs or operational burden of taking possession and/or maintaining ownership of the
                                         Incidental Right or IR Asset and whether such costs or burden exceed the benefits of
                                         owning such Incidental Rights or IR Asset or the proceeds that would be realized from
                                         a sale thereof;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
                                         there are any legal or regulatory restrictions on or risks or consequences arising from,
                                         or tax implications with respect to, the acceptance, retention, ownership, sale, transfer,
                                         abandonment, distribution or disposal or disposition of the Incidental Right or IR Asset,
                                         regardless of whether there is a safe and practical way to custody and secure such Incidental
                                         Right or IR Asset;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         existence of a suitable market into which the Incidental Right or IR Asset may be sold;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
                                         claiming, owning, selling, or otherwise taking any action in respect of Incidental Rights
                                         or IR Asset may create legal or regulatory risks, liability, or burdens of any kind for
                                         the Sponsor (including, without limitation, if such Incidental Rights or IR Asset is,
                                         or may be, a security under federal securities laws or a commodity interest under the
                                         Commodity Exchange Act).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor is under no obligation to realize any economic benefit from any Incidental Right(s) and/or IR Asset(s) it receives from
the Trust. The Sponsor may instead determine, in its sole discretion, to abandon such Incidental Rights or IR Assets permanently
and irrevocably for no consideration. Before the Trust claims any Incidental Right(s) and/or IR Asset(s) resulting from a fork
or airdrop in the Ethereum network (other than ether), the Trust would need to seek and obtain certain regulatory approvals, including
an amendment to the Trust&rsquo;s registration statement of which this prospectus is a part and approval of an application by
the Exchange to amend its listing rules.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
prevailing level of transaction fees may adversely affect the usage of the Ethereum network.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
ether is created when ether validators stake ether on the Ethereum network and participate in the consensus mechanism, which records
and verifies every ether transaction on the Ethereum blockchain. In return for their services, validators are rewarded through
receipt of a set amount of ether. If transaction fees paid by users are not sufficiently high or if transaction fees increase
to the point of being prohibitively expensive for users, validators may not have an adequate incentive to continue validating.
Further, if the price of ether or the reward for validating new blocks is not sufficiently high to incentivize validators, validators
may cease participating in the consensus mechanism. Validators ceasing operations or participation in the consensus mechanism
would make the Ethereum network more vulnerable to malicious actors obtaining sufficient control to alter the blockchain and hinder
transactions. Any reduction in confidence in the confirmation process and security of the Ethereum network may adversely affect
a Trust&rsquo;s investments in ether.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of new ether earned by staking may be adjusted. Historically, the validating reward associated with solving an Ethereum
block has been reduced, although the supply of new ether is uncapped. If the transaction fees are too low, validators may not
be incentivized to expend processing power to validate transactions. A reduction in the processing power expended by validators
on the Ethereum network could reduce infrastructure security and reduce confidence in the Ethereum network. Decreased demand for
ether or reduced security on the Ethereum network may adversely impact an investment in the Shares.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a malicious actor obtains control of more than 50% of the validating stake on the Ethereum network, or otherwise obtains control
over the Ethereum network through its influence over core developers or otherwise, such actor could manipulate the Ethereum blockchain,
which could adversely affect the value of the Shares or the ability of the Trust to operate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a malicious actor obtains a majority of the staked ether on the Ethereum network, it may be able to alter the Ethereum blockchain
on which transactions in ether rely by constructing fraudulent blocks or preventing certain transactions from completing in a
timely manner, or at all. The malicious actor could also control, exclude or modify the ordering of transactions. Although the
malicious actor would not be able to generate new tokens or transactions using such control, it could &ldquo;double-spend&rdquo;
its own tokens (i.e., spend the same tokens in more than one transaction) and prevent the confirmation of other users&rsquo; transactions
for so long as it maintained control. To the extent that such malicious actor maintained this position, reversing any changes
made to the Ethereum blockchain may not be possible. Further, a malicious actor or botnet could create a flood of transactions
in order to slow down the Ethereum network</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, in August 2020, the Ethereum Classic Network was the target of two double-spend attacks by an unknown actor or actors
that gained more than 50% of the processing power of the Ethereum Classic Network, which ran on a proof-of-stake model. The attack
resulted in reorganizations of the Ethereum Classic Blockchain that allowed the attacker or attackers to reverse previously recorded
transactions in excess of $5.0 million and $1.0 million.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in May 2019, the Bitcoin Cash network experienced a 51% attack when two large mining pools reversed a series of transactions
in order to stop an unknown miner from taking advantage of a flaw in a recent Bitcoin Cash protocol upgrade. Although this particular
attack was arguably benevolent, the fact that such coordinated activity was able to occur may negatively impact perceptions of
the Bitcoin Cash network. Although the two attacks described above took place on proof-of-work-based networks, it is possible
that a similar attack may occur on the proof-of-stake Ethereum network, which could negatively impact the value of ether and the
value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
there are no known reports of malicious activity on, or control of, the Ethereum network, it is believed that certain groups of
coordinating or connected ether holders may together have more than 50% of outstanding ether, which if staked and if the users
run validators, would permit them to exert authority over the validation of ether transactions. This risk is heightened if over
50% of the processing power on the network falls within the jurisdiction of a single governmental authority. If network participants,
including the core developers and the administrators of validating pools, do not act to ensure greater decentralization of ether,
the feasibility of a malicious actor obtaining control of the validating power on the Ethereum network will increase, which may
adversely affect the value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
malicious actor may also obtain control over the Ethereum network through its influence over core developers by gaining direct
control over a core developer or an otherwise influential programmer. To the extent that users and validators accept amendments
to the source code proposed by the controlled core developer, other core developers do not counter such amendments, and such amendments
enable the malicious exploitation of the Ethereum network, the risk that a malicious actor may be able to obtain control of the
Ethereum network in this manner exists. Moreover, it is possible that a group of ether holders that together control more than
50% of outstanding ether are in fact part of the initial or core developer group, or are otherwise influential members of the
Ethereum community. To the extent that the initial or existing core developer groups also control more than 50% of outstanding
ether, as some believe, the risk of and arising from this particular group of users obtaining control of the validating power
on the Ethereum network will be even greater, and should this materialize, it may adversely affect the value of the Shares.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
digital asset trading platforms on which ether trades are relatively new and largely unregulated.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
asset markets, including spot markets for ether, are growing rapidly. The digital asset trading platforms through which ether
and other digital assets trade are new and largely unregulated. These markets are local, national and international and include
a broadening range of digital assets and participants. Significant trading may occur on systems and platforms with minimum predictability.
Spot markets may impose daily, weekly, monthly or customer-specific transaction or withdrawal limits or suspend withdrawals entirely,
rendering the exchange of ether for fiat currency difficult or impossible. Participation in spot markets requires users to take
on credit risk by transferring ether from a personal account to a third party&rsquo;s account.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
asset trading platforms do not appear to be subject to, or may not comply with, regulation in a similar manner as other regulated
trading platforms, such as national securities exchanges or designated contract markets. Many digital asset trading platforms
are unlicensed, unregulated, operate without extensive supervision by governmental authorities, and do not provide the public
with significant information regarding their ownership structure, management team, corporate practices, cybersecurity, and regulatory
compliance. In particular, those located outside the United States may be subject to significantly less stringent regulatory and
compliance requirements in their local jurisdictions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, trading activity on or reported by these digital asset trading platforms is generally significantly less regulated than
trading in regulated U.S. securities and commodities markets and may reflect behavior that would be prohibited in regulated U.S.
trading venues. Furthermore, many digital asset trading platforms lack certain safeguards put in place by more traditional exchanges
to enhance the stability of trading on the platform and prevent flash crashes, such as limit-down circuit breakers. As a result,
the prices of digital assets such as ether on digital asset trading platforms may be subject to larger and/or more frequent sudden
declines than assets traded on more traditional exchanges. Tools to detect and deter fraudulent or manipulative trading activities
(such as market manipulation, front-running of trades, and wash-trading) may not be available to or employed by digital asset
trading platforms or may not exist at all. As a result, the marketplace may lose confidence in, or may experience problems relating
to, these venues.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
digital asset trading platform on which ether trades is immune from these risks. The closure or temporary shutdown of digital
asset trading platforms due to fraud, business failure, hackers or malware, or government-mandated regulation may reduce confidence
in the Ethereum network and can slow down the mass adoption of ether. Further, digital asset trading platform failures or that
of any other major component of the overall Ethereum ecosystem can have an adverse effect on ether markets and the price of ether
and could therefore have a negative impact on the performance of the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negative
perception, a lack of stability in the digital asset trading platforms, manipulation of ether trading platforms by customers and/or
the closure or temporary shutdown of such trading platforms due to fraud, business failure, hackers or malware, or government-mandated
regulation may reduce confidence in ether generally and result in greater volatility in the market price of ether and the Shares
of the Trust. Furthermore, the closure or temporary shutdown of an ether trading platforms may impact the Trust&rsquo;s ability
to determine the value of its ether holdings or for the Trust&rsquo;s Authorized Participants to effectively arbitrage the Trust&rsquo;s
Shares.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
asset trading platforms may be exposed to security breaches.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
nature of the assets held at ether trading platforms makes them appealing targets for hackers and a number of ether trading platforms
have been victims of cybercrimes. Over the past several years, some digital asset trading platforms have been closed due to security
breaches. In many of these instances, the customers of such digital asset trading platforms were not compensated or made whole
for the partial or complete losses of their account balances in such digital asset trading platforms. While, generally speaking,
smaller digital asset trading platforms are less likely to have the infrastructure and capitalization that make larger digital
asset trading platforms more stable, larger digital asset trading platforms are more likely to be appealing targets for hackers
and malware. For example, the collapse of Mt. Gox, which filed for bankruptcy protection in Japan in late February 2014, demonstrated
that even the largest digital asset trading platforms could be subject to abrupt failure with consequences for both users of digital
asset trading platforms and the digital asset industry as a whole. In particular, in the two weeks that followed the February
7, 2014, halt of bitcoin withdrawals from Mt. Gox, the value of one bitcoin fell on other exchanges from around $795 on February
6, 2014, to $578 on February 20, 2014. Additionally, in January 2015, Bitstamp announced that approximately 19,000 bitcoin had
been stolen from its operational or &ldquo;hot&rdquo; wallets. Further, in August 2016, it was reported that almost 120,000 bitcoins
worth around $78 million were stolen from Bitfinex, a large digital asset exchange. The value of bitcoin and other digital assets
immediately decreased over 10% following reports of the theft at Bitfinex. In July 2017, FinCEN assessed a $110 million fine against
BTC-E, a now defunct digital asset exchange, for facilitating crimes such as drug sales and ransomware attacks. In addition, in
December 2017, Yapian, the operator of Seoul-based cryptocurrency exchange Youbit, suspended digital asset trading and filed for
bankruptcy following a hack that resulted in a loss of 17% of Yapian&rsquo;s assets. Following the hack, Youbit users were allowed
to withdraw approximately 75% of the digital assets in their exchange accounts, with any potential further distributions to be
made following Yapian&rsquo;s pending bankruptcy proceedings. In addition, in January 2018, the Japanese digital asset trading
platform, Coincheck, was hacked, resulting in losses of approximately $535 million, and in February 2018, the Italian digital
asset trading platform, Bitgrail, was hacked, resulting in approximately $170 million in losses. In May 2019, one of the world&rsquo;s
largest digital asset trading platform, Binance, was hacked, resulting in losses of approximately $40 million.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
asset trading platforms may be exposed to fraud and market manipulation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
blockchain infrastructure could be used by certain market participants to exploit arbitrage opportunities through schemes such
as front-running, spoofing, pump-and-dump and fraud across different systems, platforms or geographic locations. As a result of
reduced oversight, these schemes may be more prevalent in digital asset markets than in the general market for financial products.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC has identified possible sources of fraud and manipulation in the ether market generally, including, among others (1) &ldquo;wash
trading&rdquo;; (2) persons with a dominant position in ether manipulating ether pricing; (3) hacking of the Ethereum network
and trading platforms; (4) malicious control of the Ethereum network; (5) trading based on material, non-public information (for
example, plans of market participants to significantly increase or decrease their holdings in ether, new sources of demand for
ether, etc.) or based on the dissemination of false and misleading information; (6) manipulative activity involving purported
&ldquo;stablecoins,&rdquo; including Tether; and (7) fraud and manipulation at ether trading platforms.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the past several years, a number of digital asset trading platforms have been closed or faced issues due to fraud. In many of
these instances, the customers of such digital asset trading platforms were not compensated or made whole for the partial or complete
losses of their account balances in such digital asset trading platforms.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2019, there were reports claiming that 80.95% of bitcoin trading volume on digital asset trading platforms was false or noneconomic
in nature, with specific focus on unregulated exchanges located outside of the United States. Such reports alleged that certain
overseas exchanges have displayed suspicious trading activity suggestive of a variety of manipulative or fraudulent practices.
Other academics and market observers have put forth evidence to support claims that manipulative trading activity has occurred
on certain digital asset exchanges. For example, in a 2017 paper titled &ldquo;Price Manipulation in the Bitcoin Ecosystem&rdquo;
sponsored by the Interdisciplinary Cyber Research Center at Tel Aviv University, a group of researchers used publicly available
trading data, as well as leaked transaction data from a 2014 Mt. Gox security breach, to identify and analyze the impact of &ldquo;suspicious
trading activity&rdquo; on Mt. Gox between February and November 2013, which, according to the authors, caused the price of bitcoin
to increase from around $150 to more than $1,000 over a two-month period. In August 2017, it was reported that a trader or group
of traders nicknamed &ldquo;Spoofy&rdquo; was placing large orders on Bitfinex without actually executing them, presumably in
order to influence other investors into buying or selling by creating a false appearance that greater demand existed in the market.
In December 2017, an anonymous blogger (publishing under the pseudonym Bitfinex&rsquo;d) cited publicly available trading data
to support his or her claim that a trading bot nicknamed &ldquo;Picasso&rdquo; was pursuing a paint-the-tape-style manipulation
strategy by buying and selling bitcoin and bitcoin cash between affiliated accounts in order to create the appearance of substantial
trading activity and thereby influence the price of such assets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2022, FTX, one of the largest digital asset trading platforms by volume at the time, halted customer withdrawals amid
rumors of the company&rsquo;s liquidity issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly
thereafter, FTX&rsquo;s CEO resigned and FTX and many of its affiliates filed for bankruptcy in the United States, while other
affiliates have entered insolvency, liquidation, or similar proceedings around the globe, following which the U.S. Department
of Justice brought criminal fraud and other charges, and the SEC and CFTC brought civil securities and commodities fraud charges,
against certain of FTX&rsquo;s and its affiliates&rsquo; senior executives, including its former CEO. Around the same time, there
were reports that approximately $300-600 million of digital assets were removed from FTX, and the full facts remain unknown, including
whether such removal was the result of a hack, theft, insider activity, or other improper behavior.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
potential consequences of a digital asset trading platform&rsquo;s failure or failure to prevent market manipulation could adversely
affect the value of the Shares. Any market abuse, and a loss of investor confidence in ether, may adversely impact pricing trends
in ether markets broadly, as well as an investment in Shares of the Trust.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
asset trading platforms may be exposed to wash trading.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
asset trading platforms on which ether trades may be susceptible to wash trading. Wash trading occurs when offsetting trades are
entered into for other than bona fide reasons, such as the desire to inflate reported trading volumes. Wash trading may be motivated
by non-economic reasons, such as a desire for increased visibility on popular websites that monitor markets for digital assets
so as to improve their attractiveness to investors who look for maximum liquidity, or it may be motivated by the ability to attract
listing fees from token issuers who seek the most liquid and high-volume exchanges on which to list their coins. Results of wash
trading may include unexpected obstacles to trade and erroneous investment decisions based on false information.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
in the United States, there have been allegations of wash trading even on regulated trading venues. Any actual or perceived false
trading in the digital asset trading venue market, and any other fraudulent or manipulative acts and practices, could adversely
affect the value of ether and/or negatively affect the market perception of ether.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that wash trading either occurs or appears to occur on trading platforms on which ether trades, investors may develop
negative perceptions about ether and the digital assets industry more broadly, which could adversely impact the price ether and,
therefore, the price of Shares. Wash trading also may place more legitimate digital asset exchanges at a relative competitive
disadvantage.</FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
asset trading platforms may be exposed to front-running.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
asset trading platforms on which ether trades may be susceptible to &ldquo;front-running,&rdquo; which refers to the process when
someone uses technology or market advantage to get prior knowledge of upcoming transactions. Front-running is a frequent activity
on centralized as well as decentralized digital asset trading platforms. By using bots functioning on a millisecond-scale timeframe,
bad actors are able to take advantage of the forthcoming price movement and make economic gains at the cost of those who had introduced
these transactions. The objective of a front runner is to buy a chunk of tokens at a low price and later sell them at a higher
price while simultaneously exiting the position. Front-running happens via manipulations of gas prices or timestamps, also known
as slow matching. To extent that front-running occurs, it may result in investor frustrations and concerns as to the price integrity
of digital asset exchanges and digital assets more generally.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Momentum
pricing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market value of ether is not based on any kind of claim, nor backed by any physical asset. Instead, the market value depends on
the expectation of being usable in future transactions and continued interest from investors. This strong correlation between
an expectation and market value is the basis for the current (and probable future) volatility of the market value of ether and
may increase the likelihood of momentum pricing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Momentum
pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, is
impacted by appreciation in value. Momentum pricing may result in speculation regarding future appreciation in the value of digital
assets, which inflates prices and leads to increased volatility. As a result, ether may be more likely to fluctuate in value due
to changing investor confidence in future appreciation or depreciation in prices, which could adversely affect the price of ether,
and, in turn, an investment in the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of an ether as represented by the Pricing Index may also be subject to momentum pricing due to speculation regarding future
appreciation in value, leading to greater volatility that could adversely affect the value of the Shares. Momentum pricing of
ether has previously resulted, and may continue to result, in speculation regarding future appreciation or depreciation in the
value of ether, further contributing to volatility and potentially inflating prices at any given time. These dynamics may impact
the value of an investment in Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
market observers have asserted that in time, the value of ether will fall to a fraction of its current value, or even to zero.
Ether has not been in existence long enough for market participants to assess these predictions with any precision, but if these
observers are even partially correct, an investment in the Shares may turn out to be substantially worthless.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Political
or economic crises may motivate large-scale sales of ether, which could result in a reduction in the prices of ether and adversely
affect an investment in the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an alternative to fiat currencies that are backed by central governments, ether is subject to supply and demand forces based upon
the desirability of an alternative, decentralized means of buying and selling goods and services, and it is unclear how such supply
and demand will be impacted by geopolitical events. Nevertheless, political or economic crises may motivate large-scale acquisitions
or sales of ether, either globally or locally. Large-scale sales of ether would result in a reduction in its price and adversely
affect an investment in the Shares.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ownership
of ether is pseudonymous, and the supply of accessible ether is unknown. Entities with substantial holdings in ether may engage
in large-scale sales or distributions, either on nonmarket terms or in the ordinary course, which could result in a reduction
in the price of ether and adversely affect an investment in the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no registry showing which individuals or entities own ether or the quantity of ether that is owned by any particular person
or entity. It is possible, and in fact, reasonably likely, that a small group of early ether adopters hold a significant proportion
of the ether that has been created to date. There are no regulations in place that would prevent a large holder of ether from
selling ether it holds. To the extent such large holders of ether engage in large-scale sales or distributions, either on nonmarket
terms or in the ordinary course, it could result in a reduction in the price of ether and adversely affect an investment in the
Shares.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Irrevocable
nature of blockchain-recorded transactions.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
transactions recorded on the Ethereum network are not, from an administrative perspective, reversible without the consent and
active participation of the recipient of the transaction or, in theory, control or consent of a majority of the Ethereum network&rsquo;s
aggregate hash rate. Once a transaction has been verified and recorded in a block that is added to the blockchain, an incorrect
transfer of ether or a theft of ether generally will not be reversible, and the Trust may not be capable of seeking compensation
for any such transfer or theft. It is possible that, through computer or human error, or through theft or criminal action, the
Trust&rsquo;s ether could be transferred from custody accounts in incorrect quantities or to unauthorized third parties. To the
extent that the Trust is unable to seek a corrective transaction with such third party or is incapable of identifying the third
party that has received the Trust&rsquo;s ether through error or theft, the Trust will be unable to revert or otherwise recover
incorrectly transferred ether. To the extent that the Trust is unable to seek redress for such error or theft, such loss could
adversely affect the value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>A
disruption of the internet may affect Ethereum network operations, which may adversely affect the ether industry and an investment
in the Trust.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ethereum network relies on the Internet. A significant disruption of Internet connectivity could disrupt the Ethereum network&rsquo;s
functionality until such disruption is resolved. A disruption in the Internet could adversely affect an investment in the Trust
or the ability of the Trust to operate. In particular, some variants of digital assets have experienced a number of denial-of-service
attacks, which have led to temporary delays in block creation and digital asset transfers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
assets are also susceptible to border gateway protocol hijacking (&ldquo;BGP hijacking&rdquo;). Such an attack can be a very effective
way for an attacker to intercept traffic en route to a legitimate destination. BGP hijacking impacts the way different nodes and
validators are connected to one another to isolate portions of them from the remainder of the network, which could lead to a risk
of the network allowing double-spending and other security issues. If BGP hijacking occurs on the Ethereum network, participants
may lose faith in the security of ether, which could affect ether&rsquo;s value and consequently the value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
Internet failures or Internet connectivity-related attacks that impact the ability to transfer ether could have a material adverse
effect on the price of ether and the value of an investment in the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Potential
amendments to the Ethereum network&rsquo;s protocols and software could, if accepted and authorized by the Ethereum network community,
adversely affect an investment in the Trust.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ethereum network uses cryptographic protocols to govern the interactions within the Ethereum network. A loose community known
as the core developers has evolved to informally manage the source code for the protocol. Membership in the community of core
developers evolves over time, largely based on self-determined participation in the resource section dedicated to Ethereum on
Github.com. The core developers can propose amendments to the Ethereum network&rsquo;s source code that, if accepted by validators
and users, could alter the protocols and software of the Ethereum network and the properties of ether. These alterations would
occur through software upgrades, and could potentially include changes to the irreversibility of transactions and limitations
on the issuance of new ether or changes to the ether supply, which could undermine the appeal and market value of ether. Alternatively,
software upgrades and other changes to the protocols of the Ethereum network could fail to work as intended or could introduce
bugs, coding defects or flaws, security risks, or otherwise adversely affect, the speed, security, usability, or value of the
Ethereum network or ether. As a result, the Ethereum network could be subject to changes to its protocols and software in the
future that may adversely affect an investment in the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
open-source structure of the Ethereum network protocol means that the core developers and other contributors are generally not
directly compensated for their contributions in maintaining and developing the Ethereum network protocol. A failure to properly
monitor and upgrade the Ethereum network protocol could damage the Ethereum network and an investment in the Trust.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ethereum network operates based on an open-source protocol maintained by the core developers and other contributors, largely on
the GitHub resource section dedicated to Ethereum network development. As new ether are rewarded solely for validator activity
(other than the 2014 pre-mine) and are not sold on an ongoing basis to generate revenue to support development activity, and the
Ethereum network protocol itself is made available for free rather than sold or made available subject to licensing or subscription
fees and its use does not generate revenues for its development team, the core developers are generally not compensated for maintaining
and updating the source code for the Ethereum network protocol. Consequently, there is a lack of financial incentive for developers
to maintain or develop the Ethereum network and the core developers may lack the resources to adequately address emerging issues
with the Ethereum network protocol. Although the Ethereum network is currently supported by the core developers, there can be
no guarantee that such support will continue or be sufficient in the future. For example, there have been recent reports that
the number of core developers who have the authority to make amendments to the Ethereum network&rsquo;s source code in the GitHub
repository is relatively small, although there are believed to be a larger number of developers who contribute to the overall
development of the source code of the Ethereum network. The perception that high-profile contributors may no longer contribute
to the network may have an adverse effect on the market price of any related digital assets. For example, in June 2017, an unfounded
rumor circulated that Ethereum core developer Vitalik Buterin had died. Following the rumor, the price of ether decreased approximately
20% before recovering after Buterin himself dispelled the rumor. Some have speculated that the rumor led to the decrease in the
price of ether. In the event a high-profile contributor to the Ethereum network, such as Vitalik Buterin, is perceived as no longer
able to contribute to the Ethereum network due to death, retirement, withdrawal, incapacity, or otherwise, whether or not such
perception is valid, it could negatively affect the price of ether, which could adversely impact the value of the Shares.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternatively,
some developers may be funded by entities whose interests are at odds with other participants in the Ethereum network. In addition,
a bad actor could also attempt to interfere with the operation of the Ethereum network by attempting to exercise a malign influence
over a core developer. To the extent that material issues arise with the Ethereum network protocol and the core developers and
open-source contributors are unable to address the issues adequately or in a timely manner, the Ethereum network and an investment
in the Trust may be adversely affected.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Decentralized
governance of the Ethereum network could have a negative impact on the performance of the Trust.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governance
of decentralized networks, such as the Ethereum network, is achieved through voluntary consensus and open competition. In other
words, the Ethereum network has no central decision-making body or clear manner in which participants can come to an agreement
other than through overwhelming consensus. The lack of clarity on governance may adversely affect ether&rsquo;s utility and ability
to grow and face challenges, both of which may require solutions and directed effort to overcome problems, especially long-term
problems. For example, a seemingly simple technical issue once divided the Ethereum network community: namely, whether to increase
the block size of the blockchain or implement another change to increase the scalability of ether.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent lack of clarity in corporate governance of the Ethereum network leads to ineffective decision- making that slows development
and growth, the value of the Shares may be adversely affected.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Double-spending
risks.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
malicious actor may attempt to double spend (i.e., spend the same units in more than one transaction) ether by altering the formation
of the blockchain. In this type of attack, a validator creates a valid new block containing a double-spend transaction and schedules
the release of such attack block so that it is added to the blockchain before a target user&rsquo;s legitimate transaction can
be included in a block. All double-spend attacks require that the validator sequence and execute the steps of its attack with
sufficient speed and accuracy. Double-spend attacks require extensive coordination and are very expensive. Typically, transactions
that allow for a zero-confirmation acceptance tend to be prone to these types of attacks. Accordingly, traders and merchants may
execute instantaneous/zero-confirmation transactions only if they are of sufficiently low-value. Users and merchants can take
additional precautions by adjusting their network software programs to connect only to other well-connected participants in the
Ethereum network and to disable incoming connections.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Flaws
in source code.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past, flaws in the source code for digital asset networks have been exposed and exploited, including flaws that disabled some
functionality for users, exposed users&rsquo; personal information and/or resulted in the theft of users&rsquo; digital assets.
Discovery of flaws in or exploitations of the source code that allow malicious actors to take or create money in contravention
of known network rules have occurred. The cryptography underlying ether could prove to be flawed or ineffective, or developments
in mathematics and/or technology, such as advances in digital computing, algebraic geometry and quantum computing, could make
cryptography ineffective. In any of these circumstances, a malicious actor may be able to steal ether held by others, which could
adversely affect the demand for ether and therefore adversely impact the price of ether and the value of the Shares. Even if another
digital asset other than ether were affected by similar circumstances, any reduction in confidence in the robustness of the source
code or cryptography underlying digital assets generally could negatively affect the demand for all digital assets, including
ether, and therefore adversely affect the value of the Shares.&rsquo;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Competition
from the emergence or growth of other digital assets or methods of investing in ether could have a negative impact on the price
of ether and adversely affect the value of the Shares.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, ether was the second largest digital asset by market capitalization as tracked by CoinMarketCap.com. As
of December 31, 2023, there were over 8,000 alternative digital assets tracked by CoinMarketCap.com, having a total market capitalization
of approximately $1.42 trillion (including the approximately $274 billion market cap of ether), as calculated using market prices
and total available supply of each digital asset, excluding tokens pegged to other assets. In addition, many consortiums and financial
institutions are also researching and investing resources into private or permissioned smart contracts platforms rather than open
platforms like the Ethereum network. Competition from the emergence or growth of alternative digital assets and smart contracts
platforms, such as Solana, Avalanche or Cardano, could have a negative impact on the demand for, and price of, ether and thereby
adversely affect the value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, some digital asset networks, including the Ethereum network, may be the target of ill will from users of other digital
asset networks. For example, in July 2016, the Ethereum network underwent a contentious hard fork that resulted in the creation
of a new digital asset network called Ethereum Classic. As a result, some users of the Ethereum Classic network may harbor ill
will toward the Ethereum network. These users may attempt to negatively impact the use or adoption of the Ethereum network. For
additional information on the hard fork that resulted in the creation of Ethereum Classic. See <I>&ldquo;Ether, Ether Market and
Regulation of Ether&rdquo;</I> for additional information.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
may invest in ether through means other than the Shares, including through direct investments in ether and other potential financial
vehicles, possibly including securities backed by or linked to ether and digital asset financial vehicles similar to the Trust,
or ether futures-based products. Market and financial conditions, and other conditions beyond the Sponsor&rsquo;s control, may
make it more attractive to invest in other financial vehicles or to invest in ether directly, which could limit the market for,
and reduce the liquidity of, the Shares. In addition, to the extent digital asset financial vehicles other than the Trust tracking
the price of ether are formed and represent a significant proportion of the demand for ether, large purchases or redemptions of
the securities of these digital asset financial vehicles, or private funds holding ether, could negatively affect the Pricing
Index, the Trust&rsquo;s ether holdings, the price of the Shares, the net asset value of the Trust and the NAV.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the Trust and the Sponsor face competition with respect to the creation of competing exchange-traded ether products. If the SEC
were to approve many or all of the currently pending applications for such exchange-traded ether products, many or all of such
products, including the Trust, could fail to acquire substantial assets, initially or at all. The Trust&rsquo;s competitors may
also charge a substantially lower fee than the Sponsor&rsquo;s Fee in order to achieve initial market acceptance and scale. Accordingly,
the Sponsor&rsquo;s competitors may commercialize a competing product more rapidly or effectively than the Sponsor is able to,
which could adversely affect the Sponsor&rsquo;s competitive position and the likelihood that the Trust will achieve initial market
acceptance, and could have a detrimental effect on the scale and sustainability of the Trust. If the Trust fails to achieve sufficient
scale due to competition, the Sponsor may have difficulty raising sufficient revenue to cover the costs associated with launching
and maintaining the Trust and such shortfalls could impact the Sponsor&rsquo;s ability to properly invest in robust ongoing operations
and controls of the Trust to minimize the risk of operating events, errors, or other forms of losses to the Shareholders. In addition,
the Trust may also fail to attract adequate liquidity in the secondary market due to such competition, resulting in a sub-standard
number of Authorized Participants willing to make a market in the Shares, which in turn could result in a significant premium
or discount in the Shares for extended periods and the Trust&rsquo;s failure to reflect the performance of the price of ether.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Congestion
or delay in the Ethereum network may delay purchases or sales of ether by the Trust.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
size of each block on the Ethereum network is currently limited and the transaction rate is significantly below the level that
centralized systems can provide. Increased transaction volume could result in delays in the recording of transactions due to congestion
in the Ethereum network. Moreover, unforeseen system failures, disruptions in operations, or poor connectivity may also result
in delays in the recording of transactions on the Ethereum network. Any delay in the Ethereum network could affect the Authorized
Participant&rsquo;s ability to buy or sell ether at an advantageous price resulting in decreased confidence in the Ethereum network.
Over the longer term, delays in confirming transactions could reduce the attractiveness to merchants and other commercial parties
as a means of payment. As a result, the Ethereum network and the value of the Trust would be adversely affected.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Associated with the Pricing Index, ERR and CME Ether Real Time Price</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Pricing Index, ERR and CME Ether Real Time Price each have a limited history.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Pricing Index, which was introduced on February 28, 2022, is based on materially the same methodology (except calculation time)
as the ERR, which was first introduced on June 4, 2018, and is the rate on which ether futures contracts are cash-settled in U.S.
dollars at the CME. The Pricing Index and the ERR have a limited history and their value is an average composite reference rate
calculated using volume-weighted trading price data from the Constituent Platforms. A longer history of actual performance through
various economic and market conditions would provide greater and more reliable information for an investor to assess Pricing Index&rsquo;s
performance. The Benchmark Provider has substantial discretion at any time to change the methodology used to calculate the Pricing
Index, including the Constituent Platforms that contribute prices to the Trust&rsquo;s NAV. The Benchmark Provider does not have
any obligation to take the needs of the Trust, the Shareholders, or anyone else into consideration in connection with such changes.
There is no guarantee that the methodology currently used in calculating the Pricing Index will appropriately track the price
of ether in the future. Neither the CME Group nor the Benchmark Provider has any obligation to take the needs of the Trust or
the Shareholders into consideration in determining, composing, or calculating the Pricing Index or in the selection of the Constituent
Platforms used. The Constituent Platforms are chosen by the Benchmark Provider, under the oversight of the CME CF Cryptocurrency
Pricing Products Oversight Committee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Pricing Index is intended to accurately capture the market price of ether, third parties may be able to purchase and sell
ether on public or private markets not included among the Constituent Platforms, and such transactions may take place at prices
materially higher or lower than the Pricing Index price. Moreover, there may be variances in the prices of ether on the various
Constituent Platforms, including as a result of differences in fee structures or administrative procedures on different Constituent
Platforms. While the Pricing Index provides a U.S. dollar-denominated price of ether based on the volume-weighted price of an
ether the certain Constituent Platforms, at any given time, the prices on each such Constituent Platform may not be equal to the
value of an ether as represented by the Pricing Index. It is possible that the price of ether on the Constituent Platforms could
be materially higher or lower than the Pricing Index price. To the extent the Pricing Index price differs materially from the
actual prices available on a Constituent Platform, or the global market price of ether, the price of the Shares may no longer
track, whether temporarily or over time, the global market price of ether, which could adversely affect an investment in the Trust
by reducing investors&rsquo; confidence in the Shares&rsquo; ability to track the market price of ether. To the extent such prices
differ materially from the Pricing Index price, investors may lose confidence in the Shares&rsquo; ability to track the market
price of ether, which could adversely affect the value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
pricing sources (Constituent Platforms) used by the Pricing Index are digital asset trading venues that facilitate the buying
and selling of ether and other digital assets. Although many pricing sources refer to themselves as &ldquo;exchanges,&rdquo; they
are not registered with, or supervised by, the SEC or CFTC and do not meet the regulatory standards of a national securities exchange
or designated contract market. For these reasons, among others, purchases and sales of ether may be subject to temporary distortions
or other disruptions due to various factors, including the lack of liquidity in the markets and government regulation and intervention.
These circumstances could affect the price of ether used in Pricing Index calculations and, therefore, could adversely affect
the ether price as reflected by the Pricing Index.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Constituent Platforms have changed over time. For example, on January 25, 2019, itBit was suspended from the Pricing Index due
to data quality issues, which suspension was lifted on February 1, 2019 after the Benchmark Provider confirmed that data quality
assurance measures were in place to identify the errors that the itBit data contained through a full match of parameters. On August
30, 2019, Gemini was added to the Pricing Index. On October 28, 2019, Coinbase was added to the Pricing Index. On May 3, 2022,
LMAX Digital was added to the Pricing Index. The Benchmark Provider, under the oversight of the CME CF Cryptocurrency Pricing
Products Oversight Committee, may remove or add Constituent Platforms in the future at its discretion. For more information on
the inclusion criteria for Constituent Platforms in the Pricing Index, see <I>&ldquo;The Trust and Ether Prices &mdash; CME CF
Ether Reference Rate &ndash; New York Variant&rdquo;</I>.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Pricing Index is based on various inputs which may include price data from various third-party digital asset trading platforms.
Neither the CME Group nor the Benchmark Provider guarantee the validity of any of these inputs, which may be subject to technological
error, manipulative activity, or fraudulent reporting from their initial source.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust utilizes the Pricing Index to establish its NAV and NAV per Share. In the event that the Pricing Index is incorrectly calculated,
is not timely calculated or changes its calculation methodology in the future, such an occurrence may adversely impact an investment
in the Shares or the Trust&rsquo;s operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CME Ether Real Time Price also has a limited history and shares some of the same structural and methodological features and risks
as the Pricing Index. The Trust utilizes the CME Ether Real Time Price to establish its ITV. While investors are capable of assessing
the intra-day movement of the price of the Shares and the ether market price of ether, Shareholders may use the ITV as a data
point in their assessment of the value of the Shares. In the event that the CME Ether Real Time Price is incorrectly calculated,
is not timely calculated or changes its calculation methodology in the future, such an occurrence may adversely impact the utility
of the ITV to Shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Pricing Index and CME Ether Real Time Price are designed to accurately capture the market price of ether, third parties may
be able to purchase and sell ether on public or private markets not included among the Constituent Platforms of the Pricing Index
and CME Ether Real Time Price, and such transactions may take place at prices materially higher or lower than the level of the
Pricing Index used to establish the NAV. To the extent such prices differ materially from the level of the Pricing Index used
to establish the NAV, investors may lose confidence in the Shares&rsquo; ability to track the market price of ether, which could
adversely affect an investment in the Shares.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Benchmark Provider could experience systems failures or errors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the computers or other facilities of the Benchmark Provider, data providers and/or relevant stock exchange malfunction for any
reason, calculation and dissemination of the Pricing Index may be delayed. Errors in Pricing Index data, the Pricing Index computations
and/or construction may occur from time to time and may not be identified and/or corrected for a period of time or at all, which
may have an adverse impact on the Trust and the Shareholders. Any of the foregoing may lead to the errors in the Pricing Index,
which may lead to a different investment outcome for the Trust and its Shareholders than would have been the case had such events
not occurred. The Pricing Index is the reference price for calculating the Trust&rsquo;s NAV. Consequently, losses or costs associated
with the Pricing Index&rsquo;s errors or other risks described above will generally be borne by the Trust and the Shareholders
and neither the Sponsor nor its affiliates or agents make any representations or warranties regarding the foregoing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Pricing Index is not available, the Trust&rsquo;s holdings may be fair valued in accordance with the policy approved by the
Sponsor. If the Pricing Index is not available, or if the Sponsor determines, in its sole discretion, that the Pricing Index does
not reflect an accurate ether price, the Trust&rsquo;s holdings may be &ldquo;fair valued&rdquo; in accordance with the valuation
policies approved by the Sponsor. Those valuation policies stipulate that when seeking to fair value ether, the Sponsor may apply
all available factors the Sponsor deems relevant at the time of the determination, and may be based on analytical values determined
by the Sponsor using third-party valuation models. Pursuant thereto, the Sponsor expects to utilize a volume weighted average
price or volume weighted median price of ether provided by a secondary pricing source (&ldquo;Secondary Source&rdquo;). If a Secondary
Source is not available or the Sponsor in its sole discretion determines the Secondary Sources are unreliable, the price set by
the Trust&rsquo;s principal market as of 4:00 p.m. ET, on the valuation date would be considered for utilization. In the event
the principal market price is not available or the Sponsor in its sole discretion determines the principal market valuation is
unreliable the Sponsor will use its best judgment to determine a good faith estimate of fair value based upon all available factors.
The Sponsor does not anticipate that the need to &ldquo;fair value&rdquo; ether will be a common occurrence.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent the valuation determined in accordance with the policy approved by the Sponsor differs materially from the actual market
price of ether, the price of the Shares may no longer track, whether temporarily or over time, the global market price of ether,
which could adversely affect an investment in the Trust by reducing investors&rsquo; confidence in the Shares&rsquo; ability to
track the global market price of ether. To the extent such prices differ materially from the market price for ether, investors
may lose confidence in the Shares&rsquo; ability to track the market price of ether, which could adversely affect the value of
the Shares. The Sponsor does not anticipate that the need to &ldquo;fair value&rdquo; ether will be a common occurrence.</FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Pricing Index could fail to track the global ether price and a failure of the Pricing Index could adversely affect the value of
the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Pricing Index is intended to accurately capture the market price of ether, third parties may be able to purchase and sell
ether on public or private markets not included among the Constituent Platforms, and such transactions may take place at prices
materially higher or lower than the Pricing Index price. Moreover, there may be variances in the prices of ether on the various
Constituent Platforms, including as a result of differences in fee structures or administrative procedures on different Constituent
Platforms. While the Pricing Index provides a U.S. dollar-denominated composite for the price of ether based on the volume-weighted
price of an ether on certain Constituent Platforms, at any given time, the prices on each such Constituent Platform or pricing
source may not be equal to the value of an ether as represented by the Pricing Index. It is possible that the price of ether on
the Constituent Platforms could be materially higher or lower than the Pricing Index price. To the extent the Pricing Index price
differs materially from the actual prices available on a Constituent Platform, or the global market price of ether, the price
of the Shares may no longer track, whether temporarily or over time, the global market price of ether, which could adversely affect
an investment in the Trust by reducing investors&rsquo; confidence in the Shares&rsquo; ability to track the market price of ether.
To the extent such prices differ materially from the Pricing Index price, investors may lose confidence in the Shares&rsquo; ability
to track the market price of ether, which could adversely affect the value of the Shares.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor can discontinue using the Pricing Index and use a different pricing or valuation methodology instead.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor, in its sole discretion, may cause the Trust to price its portfolio based upon an index, benchmark or standard other than
the Pricing Index at any time, with prior notice to the Shareholders, if investment conditions change or the Sponsor believes
that another index, benchmark or standard better aligns with the Trust&rsquo;s investment objective and strategy. The Sponsor
may make this decision for a number of reasons, including, but not limited to, a determination that the Pricing Index price of
ether differs materially from the global market price of ether and/or that third parties are able to purchase and sell ether on
public or private markets not included among the Constituent Platforms, and such transactions may take place at prices materially
higher or lower than the Pricing Index price. The Sponsor, however, is under no obligation whatsoever to make such changes in
any circumstance. In the event that the Sponsor intends to establish the Trust&rsquo;s NAV by reference to an index, benchmark
or standard other than the Pricing Index, it will provide Shareholders with notice in a prospectus supplement and/or through a
current report on Form 8-K or in the Trust&rsquo;s annual or quarterly reports.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Pricing Index price used to calculate the value of the Trust&rsquo;s ether may be volatile, adversely affecting the value of the
Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price of ether on public digital asset trading platforms has a limited history, and during this history, ether prices on the digital
asset markets more generally, and on digital asset trading platforms individually, have been volatile and subject to influence
by many factors, including operational interruptions. While the Pricing Index is designed to limit exposure to the interruption
of individual digital asset trading platforms, the Pricing Index price, and the price of ether generally, remains subject to volatility
experienced by digital asset exchanges, and such volatility could adversely affect the value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
because the number of liquid and credible digital asset trading platforms is limited, the Pricing Index will necessarily be composed
of a limited number of digital asset trading platforms. If a digital asset trading platform were subjected to regulatory, volatility
or other pricing issues, the Benchmark Provider would have limited ability to remove such digital asset trading platform from
the Pricing Index, which could skew the price of ether as represented by the Pricing Index. Trading on a limited number of digital
asset trading platforms may result in less favorable prices and decreased liquidity of ether and, therefore, could have an adverse
effect on the value of the Shares.</FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Pricing Index price being used to determine the NAV of the Trust may not be consistent with GAAP. To the extent that the Trust&rsquo;s
financial statements are determined using a different pricing source that is consistent with GAAP, the NAV reported in the Trust&rsquo;s
periodic financial statements may differ, in some cases significantly, from the Trust&rsquo;s NAV determined using the Pricing
Index pricing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust will determine the NAV of the Trust on each business day based on the value of ether as reflected by the Pricing Index.
The methodology used to calculate the Pricing Index price to value ether in determining the NAV of the Trust may not be deemed
consistent with GAAP. To the extent the methodology used to calculate the Pricing Index is deemed inconsistent with GAAP, the
Trust will utilize an alternative GAAP-consistent pricing source for purposes of the Trust&rsquo;s periodic financial statements.
Creation and redemption of Baskets, the Sponsor Fee and other expenses borne by the Trust will be determined using the Trust&rsquo;s
NAV determined daily based on the Pricing Index. Such NAV of the Trust determined using the Pricing Index price may differ, in
some cases significantly, from the NAV reported in the Trust&rsquo;s periodic financial statements.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Related to Pricing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&rsquo;s portfolio will be priced, including for purposes of determining the NAV, based upon the Pricing Index. The price
of ether in U.S. dollars or in other currencies available from other data sources may not be equal to the prices used to calculate
the NAV.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NAV of the Trust will change as fluctuations occur in the market price of the Trust&rsquo;s ether holdings as reflected in the
Pricing Index. Shareholders should be aware that the public trading price per Share may be different from the NAV for a number
of reasons, including price volatility, trading activity, the closing of ether trading platforms due to fraud, failure, security
breaches or otherwise, and the fact that supply and demand forces at work in the secondary trading market for Shares are related,
but not identical, to the supply and demand forces influencing the market price of ether.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
also should note that the size of the Trust in terms of total ether held may change substantially over time and as Baskets are
created and redeemed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the value of the Trust&rsquo;s ether holdings or ether holdings per Share is incorrectly calculated, neither the
Sponsor nor the Administrator will be liable for any error and such misreporting of valuation data could adversely affect the
value of the Shares.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Associated with Investing in the Trust</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Investment-Related
Risks</I>.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">Investing
in ether and, consequently, the Trust, is speculative. The price of ether is volatile, and market movements of ether are difficult
to predict. Supply and demand changes rapidly are affected by a variety of factors, including regulation and general economic
trends, such as interest rates, availability of credit, credit defaults, inflation rates and economic uncertainty. All investments
made by the Trust will risk the loss of capital. Therefore, an investment in the Trust involves a high degree of risk, including
the risk that the entire amount invested may be lost. No guarantee or representation is made that the Trust&rsquo;s investment
program will be successful, that the Trust will achieve its investment objective or that there will be any return of capital invested
to investors in the Trust, and investment results may vary.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is subject to market risk.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
risk refers to the risk that the market price of ether held by the Trust will rise or fall, sometimes rapidly or unpredictably.
An investment in the Shares is subject to market risk, including the possible loss of the entire principal of the investment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Different
from directly owning ether</I>.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
performance of the Trust will not reflect the specific return an investor would realize if the investor actually held or purchased
ether directly. The differences in performance may be due to factors such as fees and transaction costs. Investors will also forgo
certain rights conferred by owning ether directly, such as the right to claim air drops. See <I>&ldquo;Shareholders may not receive
the benefits of any forks or &ldquo;airdrops.&rdquo;</I></FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is a passive investment vehicle. The Trust is not actively managed and will be affected by a general decline in the price
of ether.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor does not actively manage the ether held by the Trust. This means that the Sponsor does not sell ether at times when its
price is high, or acquire ether at low prices in the expectation of future price increases. It also means that the Sponsor does
not make use of any of the hedging techniques available to professional ether investors to attempt to reduce the risks of losses
resulting from price decreases. Any losses sustained by the Trust will adversely affect the value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
value of the Shares may be influenced by a variety of factors unrelated to the value of ether.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of the Shares may be influenced by a variety of factors unrelated to the price of ether that may have an adverse effect
on the price of the Shares. These factors include, but are not limited to, the following factors:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 30pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 15pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unanticipated
                                         problems or issues with respect to the mechanics of the Trust&rsquo;s operations and
                                         the trading of the Shares may arise, in particular due to the fact that the mechanisms
                                         and procedures governing the creation and offering of the Shares and storage of ether
                                         have been developed specifically for this product;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 30pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 15pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Trust could experience difficulties in operating and maintaining its technical infrastructure,
                                         including in connection with expansions or updates to such infrastructure, which are
                                         likely to be complex and could lead to unanticipated delays, unforeseen expenses and
                                         security vulnerabilities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 30pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 15pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Trust could experience unforeseen issues relating to the performance and effectiveness
                                         of the security procedures used to protect the Trust&rsquo;s account with the Custodian,
                                         or the security procedures may not protect against all errors, software flaws or other
                                         vulnerabilities in the Trust&rsquo;s technical infrastructure, which could result in
                                         theft, loss or damage of its assets; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 30pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 15pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 3.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service
                                         providers may decide to terminate their relationships with the Trust due to concerns
                                         that the introduction of privacy enhancing features to the Ethereum network may increase
                                         the potential for ether to be used to facilitate crime, exposing such service providers
                                         to potential reputational harm.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these factors could affect the value of the Shares, either directly or indirectly through their effect on the Trust&rsquo;s
assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NAV may not always correspond to the market price of ether and, as a result, Baskets may be created or redeemed at a value that
is different from the market price of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NAV of the Trust will change as fluctuations occur in the market price of the Trust&rsquo;s ether holdings. Shareholders should
be aware that the public trading price per Share may be different from the NAV for a number of reasons, including price volatility,
trading activity, the closing of digital asset trading platforms due to fraud, failure, security breaches or otherwise, and the
fact that supply and demand forces at work in the secondary trading market for Shares are related, but not identical, to the supply
and demand forces influencing the market price of ether.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
Authorized Participant may be able to create or redeem a Basket at a discount or a premium to the public trading price per Share,
and the Trust will therefore maintain its intended fractional exposure to a specific amount of ether per Share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
also should note that the size of the Trust in terms of total ether held may change substantially over time and as Baskets are
created and redeemed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
acquiring ether, it is possible that the Trust will pay a higher price for ether than the value ascribed to ether by the Pricing
Index, the rate used to calculate the Trust&rsquo;s NAV. This is known as &ldquo;slippage.&rdquo; While transactions in any asset
are subject to the risk of slippage, it is possible that transactions in digital assets may be more susceptible. The Trust seeks
to minimize the risk of slippage by basing the amount of cash an Authorized Participant is required to deposit to consummate a
creation order for Baskets on the price the Trust actually paid for the ether rather than on the value of ether ascribed by the
Pricing Index. Nonetheless, there can be no guarantee that the Trust will not be negatively affected by slippage from time to
time.</FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares may trade at a discount or premium in the trading price relative to the NAV as a result of non-concurrent trading hours
between the Exchange and digital asset trading platforms. Non-concurrent trading hours may also result in the Shares gapping at
the open of trading on the Exchange.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of a Share may be influenced by non-concurrent trading hours between the Exchange and various digital asset trading platforms,
including the Constituent Platforms of the Pricing Index. Additionally, Shares may be traded at other times and in other venues.
While U.S. equity markets are open for trading in the Shares for a limited period each day, the ether market is a 24-hour marketplace;
however, trading volume and liquidity on the ether market is not consistent throughout the day and digital asset trading platforms,
including the larger-volume markets, have been known to shut down temporarily or permanently due to security concerns, directed
denial of service attacks and other reasons. As a result, during periods when U.S. equity markets is open but large portions of
the ether market are either lightly traded or are closed, trading spreads and the resulting premium or discount on the Shares
may widen and, therefore, increase the difference between the price of the Shares and the NAV. Premiums or discounts may have
an adverse effect on an investment in the Shares if a Shareholder sells or acquires its Shares during a period of discount or
premium, respectively.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
periods when U.S. equity markets are closed but digital asset trading platforms are open, significant changes in the price of
ether could result in a difference in performance between the price of ether and the most recent Share price. To the extent that
the price of ether moves significantly in a negative direction after the close of U.S. equity markets, the trading price of the
Shares may &ldquo;gap&rdquo; down to the full extent of such negative price shift when U.S. equity markets reopen. To the extent
that the price of ether drops significantly during hours in which U.S. equity markets are closed, investors may not be able to
sell their Shares until after the &ldquo;gap&rdquo; down has been fully realized, resulting in an inability to mitigate losses
in a rapidly negative market.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buying
and selling activity associated with the purchase and redemption of Baskets may adversely affect an investment in the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no limit on the number of ether the Trust may acquire (other than the overall limit on the number of ether in existence established
by the original ether protocol and any limit on the number of Shares registered by the Trust).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor&rsquo;s purchase of ether in connection with Basket purchase orders may cause the price of ether to increase, which will
result in higher prices for the Shares. Increases in the ether prices may also occur as a result of ether purchases by other market
participants who attempt to benefit from an increase in the market price of ether when Baskets are created. The market price of
ether may therefore decline immediately after Baskets are created.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
activity associated with sales of ether by the Sponsor in connection with redemption orders may decrease the ether prices, which
will result in lower prices for the Shares. Decreases in ether prices may also occur as a result of selling activity by other
market participants.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the effect that purchases and sales of ether by the Sponsor and other market participants may have on the price of
ether, other exchange-traded products or large private investment vehicles with similar investment objectives (if developed) could
represent a substantial portion of demand for ether at any given time and the sales and purchases by such investment vehicles
may impact the price of ether. If the price of ether declines, the trading price of the Shares will generally also decline.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
inability of Authorized Participants and market makers to hedge their ether exposure may adversely affect the liquidity of Shares
and the value of an investment in the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Participants and market makers will generally want to hedge their exposure in connection with Basket purchase and redemption orders.
To the extent Authorized Participants and market makers are unable to hedge their exposure due to market conditions (e.g., insufficient
ether liquidity in the market, inability to locate an appropriate hedge counterparty, extreme volatility in the price of ether,
wide spreads between prices quotes on different ether trading platforms, the closing of ether trading platforms due to fraud,
failures, security breaches or otherwise etc.), such conditions may make it difficult to purchase or redeem Baskets or cause them
to not create or redeem Baskets. In addition, the hedging mechanisms employed by Authorized Participants and market makers to
hedge their exposure to ether may not function as intended, which may make it more difficult for them to enter into such transactions.
Such events could negatively impact the market price of Shares and the spread at which Shares trade on the open market. To the
extent Authorized Participants wish to use futures to hedge their exposure, note that while growing in recent years, the market
for exchange-traded ether futures has a limited trading history and operational experience and may be less liquid, more volatile
and more vulnerable to economic, market and industry changes than more established futures markets. The liquidity of the market
will depend on, among other things, the adoption of ether and the commercial and speculative interest in the market.</FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbitrage
transactions intended to keep the price of Shares closely linked to the price of ether may be problematic if the process for the
purchase and redemption of Baskets encounters difficulties, which may adversely affect an investment in the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the processes of creation and redemption of Shares (which depend on timely transfers of ether to and by the Ether Custodian) encounter
any unanticipated difficulties due to, for example, the price volatility of ether, the insolvency, business failure or interruption,
default, failure to perform, security breach, or other problems affecting the Prime Execution Agent or Ether Custodian, the closing
of ether trading platforms due to fraud, failures, security breaches or otherwise, or network outages or congestion, spikes in
transaction fees demanded by validators, or other problems or disruptions affecting the Ethereum network, then potential market
participants, such as the Authorized Participants and their customers, who would otherwise be willing to purchase or redeem Baskets
to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the
underlying ether may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they
expect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternatively,
in the case of a network outage or other problems affecting the Ethereum network, the processing of transactions on the Ethereum
network may be disrupted, which in turn may prevent Ether Trading Counterparties from depositing or withdrawing ether from their
custody accounts, which in turn could affect the creation or redemption of Baskets. If this is the case, the liquidity of the
Shares may decline and the price of the Shares may fluctuate independently of the price of ether and may fall or otherwise diverge
from NAV. Furthermore, in the event that the market for ether should become relatively illiquid and thereby materially restrict
opportunities for arbitraging by delivering ether in return for Baskets, the price of Shares may diverge from the value of ether.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
may be adversely affected by purchase or redemption orders that are subject to postponement, suspension or rejection under certain
circumstances.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust may, in its discretion, suspend the right of purchase or redemption or may postpone the redemption or purchase settlement
date, for (1) for any period during which the Exchange is closed other than customary weekend or holiday closings, or trading
on the Exchange is suspended or restricted, (2) any period during which an emergency exists as a result of which the fulfillment
of a purchase order or the redemption distribution is not reasonably practicable (for example, as a result of an interruption
in services or availability of the Prime Execution Agent, Ether Custodian, Cash Custodian, Administrator, or other service providers
to the Trust, act of God, catastrophe, civil disturbance, government prohibition, war, terrorism, strike or other labor dispute,
fire, force majeure, interruption in telecommunications, Internet services, or network provider services, unavailability of Fedwire,
SWIFT or banks&rsquo; payment processes, significant technical failure, bug, error, disruption or fork of the Ethereum network,
hacking, cybersecurity breach, or power, Internet, or Ethereum network outage, or similar event), or (3) such other period as
the Sponsor determines to be necessary for the protection of the Shareholders of the Trust (for example, where acceptance of the
U.S. dollars needed to create each Basket would have certain adverse tax consequences to the Trust or its Shareholders). In addition,
the Trust may reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement
or if the fulfillment of the order might be unlawful. Any such postponement, suspension or rejection could adversely affect a
redeeming Authorized Participant. Suspension of creation privileges may adversely impact how the Shares are traded and arbitraged
in the secondary market, which could cause Shares to trade at levels materially different (premiums and discounts) from the value
of their underlying ether.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
may be adversely affected by an overstatement or understatement of the NAV calculation of the Trust due to the valuation method
employed on the date of the NAV calculation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
certain circumstances, the Trust&rsquo;s ether investments may be valued using techniques other than reliance on the price established
by the Pricing Index. The value established by using the Pricing Index may be different from what would be produced through the
use of another methodology. The value of ether or other digital asset investments valued using techniques other than those employed
by the Pricing Index, including &ldquo;fair valuation measures,&rdquo; may differ from the value of ether determined by reference
to the Pricing Index.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Pricing Index is not available, or if the Sponsor determines, in its sole discretion, that the Pricing Index does not reflect
an accurate ether price, the Trust&rsquo;s holdings may be &ldquo;fair valued&rdquo; in accordance with the valuation policies
approved by the Sponsor. Those valuation policies stipulate that when seeking to fair value ether, the Sponsor may apply all available
factors the Sponsor deems relevant at the time of the determination, and may be based on analytical values determined by the Sponsor
using third-party valuation models. Pursuant thereto, the Sponsor expects to utilize a volume weighted average price or volume
weighted median price of ether provided by a Secondary Source. If a Secondary Source is not available or the Sponsor in its sole
discretion determines the Secondary Sources are unreliable, the price set by the Trust&rsquo;s principal market as of 4:00 p.m.
ET, on the valuation date would be considered for utilization. In the event the principal market price is not available or the
Sponsor in its sole discretion determines the principal market valuation is unreliable the Sponsor will use its best judgment
to determine a good faith estimate of fair value based upon all available factors. The Sponsor does not anticipate that the need
to &ldquo;fair value&rdquo; ether will be a common occurrence.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an owner of Shares, you will not have the rights normally associated with ownership of other types of shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
are not entitled to the same rights as shares issued by a corporation. By acquiring Shares, you are not acquiring the right to
elect directors, to receive dividends, to vote on certain matters regarding the issuer of the Shares or to take other actions
normally associated with the ownership of shares. You will only have the limited rights described under &ldquo;Description of
the Shares and the Trust Agreement.&rdquo;</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor and the Trustee may agree to amend the Trust Agreement or Sponsor Agreement without the consent of the Shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor and the Trustee may agree to amend the Trust Agreement or Sponsor Agreement without Shareholder consent. The Sponsor shall
determine the contents and manner of delivery of any notice of any Trust Agreement amendment. Such notice may be provided on the
Trust&rsquo;s website, in a prospectus supplement, through a current report on Form 8-K and/or in the Trust&rsquo;s annual or
quarterly reports. If an amendment to the Trust Agreement or Sponsor Agreement imposes new fees and charges or increases existing
fees or charges, including the Sponsor Fee (except for taxes and other governmental charges, registration fees or other such expenses),
or prejudices a substantial right of Shareholders, it will become effective for outstanding Shares 30 days after notice of such
amendment is given to registered owners. Shareholders that are not registered owners (which most Shareholders will not be) may
not receive specific notice of a fee increase other than through an amendment to the prospectus. Moreover, at the time an amendment
becomes effective, by continuing to hold Shares, Shareholders are deemed to agree to the amendment and to be bound by the Trust
Agreement and Sponsor Agreement as amended without specific agreement to such increase.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is subject to risks due to its concentration of investments in a single asset class.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike
other funds that may invest in diversified assets, the Trust&rsquo;s investment strategy is concentrated in a single asset class:
ether. This concentration maximizes the degree of the Trust&rsquo;s exposure to a variety of market risks associated with ether.
By concentrating its investment strategy solely in ether, any losses suffered as a result of a decrease in the value of ether
can be expected to reduce the value of an interest in the Trust and will not be offset by other gains if the Trust were to invest
in underlying assets that were diversified.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
possible &ldquo;short squeeze&rdquo; due to a sudden increase in demand for the Shares that largely exceeds supply may lead to
price volatility in the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
may purchase Shares to hedge existing ether or other digital asset, commodity or currency exposure or to speculate on the price
of ether. Speculation on the price of ether may involve long and short exposures. To the extent that aggregate short exposure
exceeds the number of Shares available for purchase (for example, in the event that large redemption requests by Authorized Participants
dramatically affect Share liquidity), investors with short exposure may have to pay a premium to repurchase Shares for delivery
to Share lenders. Those repurchases may, in turn, dramatically increase the price of the Shares until additional Shares are created
through the creation process. This is often referred to as a &ldquo;short squeeze.&rdquo; A short squeeze could lead to volatile
price movements in the Shares that are not directly correlated to the price of ether.</FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the Sponsor and its management have a limited history of operating an investment vehicle like the Trust, their experience may
be inadequate or unsuitable to manage the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has no history of past performance in managing an ether exchange-traded product, which is a novel type of investment product.
In addition, the Sponsor is not, and the Sponsor believes it is not required to be, registered as an investment adviser under
the Investment Advisers Act of 1940 (the &ldquo;Advisers Act&rdquo;) or a commodity pool operator or commodity trading adviser
under the Commodity Exchange Act. The past performances of the Sponsor&rsquo;s management in other positions, including their
experiences in private funds that hold ether and traditional exchange-traded funds investing in securities, are an imperfect indication
of their ability to manage an investment vehicle such as the Trust. If the experience of the Sponsor and its management is inadequate
or unsuitable to manage an investment vehicle such as the Trust, the operations of the Trust may be adversely affected.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
threats and cyber-attacks could result in the halting of Trust operations and a loss of Trust assets or damage to the reputation
of the Trust, each of which could result in a reduction in the price of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security
breaches, cyber-attacks, computer malware and computer hacking attacks have been a prevalent concern in relation to digital assets.
Multiple thefts of ether and other digital assets from other holders have occurred in the past. Because of the pseudonymous nature
of the Ethereum blockchain, thefts can be difficult to trace, which may make ether a particularly attractive target for theft.
Cyber security failures or breaches of one or more of the Trust&rsquo;s service providers (including but not limited to, the Transfer
Agent, the Marketing Agent, the Administrator, Cash Custodian or the Ether Custodian) have the ability to cause disruptions and
impact business operations, potentially resulting in financial losses, violations of applicable privacy and other laws, regulatory
fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust and its service providers&rsquo; use of internet, technology and information systems (including mobile devices and cloud-based
service offerings) may expose the Trust to potential risks linked to cyber-security breaches of those technological or information
systems. The Sponsor believes that the Trust&rsquo;s ether held in the Trust Ether Account at the Ether Custodian or Trading Balance
held with the Prime Execution Agent will be an appealing target to hackers or malware distributors seeking to destroy, damage
or steal the Trust&rsquo;s ether and will only become more appealing as the Trust&rsquo;s assets grow. To the extent that the
Trust, Sponsor, Ether Custodian or Prime Execution Agent is unable to identify and mitigate or stop new security threats or otherwise
adapt to technological changes in the digital asset industry, the Trust&rsquo;s ether may be subject to theft, loss, destruction
or other attack.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor believes that the security procedures in place for the Trust, including but not limited to, offline storage, or cold storage,
multiple encrypted private key &ldquo;shards&rdquo;, and other measures, are reasonably designed to safeguard the Trust&rsquo;s
ether. Nevertheless, the security procedures cannot guarantee the prevention of any loss due to a security breach, software defect
or act of God that may be borne by the Trust and the security procedures may not protect against all errors, software flaws or
other vulnerabilities in the Trust&rsquo;s technical infrastructure, which could result in theft, loss or damage of its assets.
The Sponsor does not control the Ether Custodian&rsquo;s or Prime Execution Agent&rsquo;s operations or their implementation of
such security procedures and there can be no assurance that such security procedures will actually work as designed or prove to
be successful in safeguarding the Trust&rsquo;s assets against all possible sources of theft, loss or damage. Assets not held
in cold storage, such as assets held in a trading account, may be more vulnerable to security breach, hacking or loss than assets
held in cold storage. Furthermore, assets held in a trading account, including the Trust&rsquo;s Trading Balance at the Prime
Execution Agent, are held on an omnibus, rather than segregated basis, which creates greater risk of loss.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
security procedures and operational infrastructure may be breached due to the actions of outside parties, error or malfeasance
of an employee of the Sponsor, Prime Execution Agent, Ether Custodian, or otherwise, and, as a result, an unauthorized party may
obtain access to the Trust Ether Account with the Ether Custodian or the Trust&rsquo;s Trading Balance with the Prime Execution
Agent, the private keys (and therefore ether) or other data of the Trust. Additionally, outside parties may attempt to fraudulently
induce employees of the Sponsor, Ether Custodian, Prime Execution Agent or the Trust&rsquo;s other service providers to disclose
sensitive information in order to gain access to the Trust&rsquo;s infrastructure. As the techniques used to obtain unauthorized
access, disable or degrade service, or sabotage systems change frequently, or may be designed to remain dormant until a predetermined
event and often are not recognized until launched against a target, the Sponsor, Ether Custodian or Prime Execution Agent may
be unable to anticipate these techniques or implement adequate preventative measures.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
actual or perceived breach of the Trust Ether Account with the Ether Custodian or the Trust&rsquo;s Trading Balance with the Prime
Execution Agent could harm the Trust&rsquo;s operations, result in partial or total loss of the Trust&rsquo;s assets, damage the
Trust&rsquo;s reputation and negatively affect the market perception of the effectiveness of the Trust, all of which could in
turn reduce demand for the Shares, resulting in a reduction in the price of the Shares. The Trust may also cease operations, the
occurrence of which could similarly result in a reduction in the price of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Sponsor and the Trust&rsquo;s service providers have established business continuity plans and systems that they respectively
believe are reasonably designed to prevent cyber attacks, there are inherent limitations in such plans and systems including the
possibility that certain risks have not been, or cannot be, identified. Service providers may have limited indemnification obligations
to the Trust, which could be negatively impacted as a result.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trust&rsquo;s holdings of ether are lost, stolen or destroyed under circumstances rendering a party liable to the Trust, the
responsible party may not have the financial resources sufficient to satisfy the Trust&rsquo;s claim. For example, as to a particular
event of loss, the only source of recovery for the Trust may be limited to the relevant custodian or, to the extent identifiable,
other responsible third parties (for example, a thief or terrorist), any of which may not have the financial resources (including
liability insurance coverage) to satisfy a valid claim of the Trust. Similarly, as noted below, the Ether Custodian and Prime
Execution Agent have limited liability to the Trust, which could adversely affect the Trust&rsquo;s ability to seek recovery from
them, even when the Ether Custodian&rsquo;s or Prime Execution Agent&rsquo;s actions or failure to act are the cause of the Trust&rsquo;s
loss.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
may not be possible, either because of a lack of available policies or because of prohibitive cost, for the Trust to obtain insurance
that would cover losses of the Trust&rsquo;s ether. If an uninsured loss occurs or a loss exceeds policy limits, the Trust could
lose all of its assets.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&rsquo;s risk management processes and policies may prove to not be adequate to prevent any loss of the Trust&rsquo;s ether.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor is continuing to monitor and evaluate the Trust&rsquo;s risk management processes and policies and believes that the current
risk management processes and procedures are reasonably designed and effective. The Sponsor believes that the security procedures
that the Sponsor, Ether Custodian and Prime Execution Agent utilize, such as hardware redundancy, segregation and offline data
storage (<I>i.e.</I>, the maintenance of data on computers and/or storage media that is not directly connected to or accessible
from the internet and/or networked with other computers, also known as &ldquo;cold storage&rdquo;) protocols are reasonably designed
to safeguard the Trust&rsquo;s ether from theft, loss, destruction or other issues relating to hackers and technological attack.
Despite the number of security procedures that the Sponsor, Ether Custodian and Prime Execution Agent employ, it is impossible
to guarantee the prevention of any loss due to a security breach, software defect, act of God, pandemic or riot that may be borne
by the Trust. Notwithstanding the above, the Sponsor, Ether Custodian and Prime Execution Agent are responsible for their own
gross negligence, willful misconduct or bad faith. In the event that the Trust&rsquo;s risk management processes and policies
prove to not be adequate to prevent any loss of the Trust&rsquo;s ether and such loss is not covered by insurance or is otherwise
recoverable, the value of the Shares will decrease as a result and investors would experience a decrease in the value of their
investment.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
development and commercialization of the Trust is subject to competitive pressures.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust and the Sponsor face competition with respect to the creation of competing products. The Sponsor&rsquo;s competitors may
have greater financial, technical and human resources than the Sponsor. These competitors may also compete with the Sponsor in
recruiting and retaining qualified personnel. Smaller or early-stage companies may also prove to be effective competitors, particularly
through collaborative arrangements with large and established companies. If the SEC were to approve many or all of the currently
pending applications for such exchange-traded ether products, many or all of such products, including the Trust, could fail to
acquire substantial assets, initially or at all. The Trust&rsquo;s competitors may also charge a substantially lower fee than
the Sponsor Fee in order to achieve initial market acceptance and scale. Accordingly, the Sponsor&rsquo;s competitors may commercialize
a competing product more rapidly or effectively than the Sponsor is able to, which could adversely affect the Sponsor&rsquo;s
competitive position and the likelihood that the Trust will achieve initial market acceptance, and could have a detrimental effect
on the scale and sustainability of the Trust. For exchange-traded products similar to the Trust, there have been significant &ldquo;first-mover&rdquo;
advantages in terms of asset gathering, trading volume and media coverage. In many cases, the first mover in an asset class has
been able to maintain these advantages for extended periods. In the event that the SEC were to approve other exchange-traded ether
products prior to approving the Trust, the Trust could be significantly negatively affected.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trust fails to achieve sufficient scale due to competition, the Sponsor may have difficulty raising sufficient revenue to
cover the costs associated with launching and maintaining the Trust, and such shortfalls could impact the Sponsor&rsquo;s ability
to properly invest in robust ongoing operations and controls of the Trust to minimize the risk of operating events, errors, or
other forms of losses to the Shareholders. In addition, the Trust may also fail to attract adequate liquidity in the secondary
market due to such competition, resulting in a sub-standard number of Authorized Participants willing to make a market in the
Shares, which in turn could result in a significant premium or discount in the Shares for extended periods and the Trust&rsquo;s
failure to reflect the performance of the price of ether.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Trust will compete with direct investments in ether, ether futures-based products, other digital assets and other
potential financial vehicles, possibly including securities backed by or linked to digital assets and other investment vehicles
that focus on other digital assets. Market and financial conditions, and other conditions beyond the Trust&rsquo;s control, may
make it more attractive to invest directly or in other vehicles, which could adversely affect the performance of the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that the Trust incurs transaction expenses in connection with the creation and redemption process, litigation expenses,
indemnification obligations under the Trust&rsquo;s service provider agreements and other extraordinary expenses that are not
borne by the Sponsor, such expenses will be borne by the Trust. To the extent that the Trust fails to attract a sufficiently large
amount of investors, the effect of such expenses on the value of the Shares may be significantly greater than would be the case
if the Trust had attracted more assets.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
lack of active trading markets for the Shares may result in losses on investors&rsquo; investments at the time of disposition
of Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
Shares are expected to be publicly listed and traded on the Exchange, there can be no guarantee that an active trading market
for the Trust will develop or be maintained. If investors need to sell their Shares at a time when no active market for them exists,
the price investors receive for their Shares, assuming that investors are able to sell them, likely will be lower than the price
that investors would receive if an active market did exist and, accordingly, a Shareholder may suffer losses.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Possible
illiquid markets may exacerbate losses or increase the variability between the Trust&rsquo;s NAV and its market price.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
is a novel asset with a very limited trading history. Therefore, the markets for ether may be less liquid and more volatile than
other markets for more established products, such as futures contracts for traditional physical commodities. It may be difficult
to execute an ether trade at a specific price when there is a relatively small volume of buy and sell orders in the ether market.
A market disruption can also make it more difficult to liquidate a position or find a suitable counterparty at a reasonable cost.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
illiquidity may cause losses for the Trust. The large size of the positions that the Trust may acquire will increase the risk
of illiquidity by both making the positions more difficult to liquidate and increasing the losses incurred while trying to do
so should the Trust need to liquidate its ether. Any type of disruption or illiquidity will potentially be exacerbated due to
the fact that the Trust will typically invest in ether, which is highly concentrated.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&rsquo;s ether may be subject to loss, damage, theft or restriction on access.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is a risk that part or all of the Trust&rsquo;s ether could be lost, stolen or destroyed, potentially by the loss or theft of
the private keys held by the Ether Custodian or Prime Execution Agent associated with Trust&rsquo;s ether. The Sponsor believes
that the Ether Custodian&rsquo;s and Prime Execution Agent&rsquo;s operations are an appealing target to hackers or malware distributors
seeking to destroy, damage or steal ether or private keys. Although the Ether Custodian and Prime Execution Agent use multiple
means and layers of security to minimize the risk of loss, damage and theft, neither the Ether Custodian, Prime Execution Agent
nor the Sponsor can guarantee that such security will prevent such loss, damage or theft, whether caused intentionally, accidentally
or by act of God. Access to the Trust&rsquo;s ether could also be restricted by natural events (such as an earthquake or flood),
human actions (such as a terrorist attack) or security or compliance measures (such as in response to a hard fork). Any of these
events may adversely affect the operations of the Trust and, consequently, an investment in the Shares.</FONT></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: 10pt Times New Roman, Times, Serif"></FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Several
factors may affect the Trust&rsquo;s ability to achieve its investment objective on a consistent basis.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no guarantee that the Trust will meet its investment objectives. Factors that may affect the Trust&rsquo;s ability to meet
its investment objective include: (1) the Trust&rsquo;s ability to purchase and sell ether in an efficient manner to effectuate
creation and redemption orders; (2) transaction fees associated with the Ethereum network; (3) the ether market becoming illiquid
or disrupted; (4) the Share prices being rounded to the nearest cent and/or valuation methodologies; (5) the need to conform the
Trust&rsquo;s portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (6)
early or unanticipated closings of the markets on which ether trades, resulting in the inability of Authorized Participants to
execute intended portfolio transactions; (7) operational or methodological issues with the Pricing Index that result in the benchmark
used by the Trust not accurately representing the true value of the Trust&rsquo;s ether holdings; and (8) accounting standards.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of ether represented by a Share will decline over time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of ether represented by a Share will continue to be reduced during the life of the Trust due to the transfer of the Trust&rsquo;s
ether to pay the Sponsor Fee and to pay for extraordinary, non-recurring expenses not assumed by the Sponsor. This dynamic will
occur irrespective of whether the trading price of the Shares rises or falls in response to changes in the price of ether. In
addition, in the very rare event that Trade Credits (as defined below) are utilized in connection with the payment of Trust expenses
not assumed by the Sponsor, any interest payable on the Trade Credits will be the responsibility of the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
outstanding Share represents a unit of undivided beneficial ownership of the Trust. The Trust does not generate any income and
transfers ether to pay for the Sponsor Fee, and to pay for extraordinary, non-recurring expenses not assumed by the Sponsor. Therefore,
the amount of ether represented by each Share will gradually decline over time. This is also true with respect to Shares that
are issued in exchange for additional deposits of ether or cash used to acquire ether over time, as the amount of ether required
to create Shares proportionally reflects the amount of ether represented by the Shares outstanding at the time of such Basket
being created. Assuming a constant ether price, the trading price of the Shares is expected to gradually decline relative to the
price of ether as the amount of ether represented by the Shares gradually declines.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
should be aware that the gradual decline in the amount of ether represented by the Shares will occur regardless of whether the
trading price of the Shares rises or falls in response to changes in the price of ether.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extraordinary
expenses resulting from unanticipated events may become payable by the Trust, adversely affecting an investment in the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration for the Sponsor Fee, the Sponsor has contractually assumed certain operational and periodic expenses of the Trust.
See <I>&ldquo;Additional Information About the Trust&mdash;The Trust&rsquo;s Fees and Expenses.&rdquo;</I> Extraordinary, non-recurring
expenses that are not assumed by the Sponsor are borne by the Trust and paid through the sale of the Trust&rsquo;s ether. Any
incurring of extraordinary expenses by the Trust could adversely affect an investment in the Shares.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of the Shares will be adversely affected if the Trust is required to indemnify the Trustee, the Administrator, the Transfer
Agent, the Ether Custodian, Prime Execution Agent or the Cash Custodian.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust Agreement and the Trust&rsquo;s service provider agreements, each of the Trustee, Administrator, Transfer Agent, Ether
Custodian, Prime Execution Agent, Cash Custodian and Sponsor has a right to be indemnified by the Trust for any liability or expense
it incurs, subject to certain exceptions. Therefore, the Trustee, Administrator, Transfer Agent, Ether Custodian, Prime Execution
Agent, Cash Custodian or Sponsor may require that the assets of the Trust be sold in order to cover losses or liability suffered
by it. Any sale of that kind would reduce the net assets of the Trust and the NAV.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Unforeseeable
risks</I>.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25pt; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 5pt; text-align: justify; text-indent: 20pt; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
has gained commercial acceptance only within recent years and, as a result, there is little data on its long-term investment potential.
Additionally, due to the rapidly evolving nature of the ether market, including advancements in the underlying technology, changes
to ether may expose investors in the Trust to additional risks which are impossible to predict.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.45pt 0pt 5pt; text-align: justify; color: #231F20"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.45pt 0pt 5pt; text-align: justify; text-indent: 20pt; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulatory
Risk</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
and current regulations by a U.S. or foreign government or quasi-governmental agency could have an adverse effect on an investment
in the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
regulation of ether and related products and services continues to evolve, may take many different forms and will, therefore,
impact the Ethereum network and ether and their usage in a variety of manners. The inconsistent and sometimes conflicting regulatory
landscape may make it more difficult for ether businesses to provide services, which may impede the growth of the ether economy
and have an adverse effect on consumer adoption of ether. There is a possibility of future regulatory change altering, perhaps
to a material extent, the nature of an investment in the Shares or the ability of the Trust to continue to operate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
to current regulatory determinations of ether&rsquo;s status under federal or state securities laws, changes to regulations surrounding
ether futures or related products, or actions by a U.S. or foreign government or quasi-governmental agency exerting regulatory
authority over ether, the Ethereum network, ether trading, or related activities impacting other parts of the digital asset market,
may adversely impact ether and therefore may have an adverse effect on the value of an investment in the Trust.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is not a registered investment company and is not subject to the Commodity Exchange Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is not a registered investment company subject to the Investment Company Act of 1940 (&ldquo;Investment Company Act&rdquo;).
Consequently, Shareholders of the Trust do not have the regulatory protections provided to Shareholders in registered and regulated
investment companies, which, for example, require investment companies to have a certain percentage of disinterested directors
and regulate the relationship between the investment company and certain of its affiliates. Further, the Trust will not hold or
trade in commodity futures contracts regulated by the Commodity Exchange Act, as administered by the CFTC. The Trust will not
engage in &ldquo;retail commodity transactions&rdquo; &mdash; any ether transaction entered into on a leveraged, margined or financed
basis (as described above). Such transactions are deemed to be commodity futures under the Commodity Exchange Act and subject
to CFTC jurisdiction. Furthermore, the Sponsor believes that the Trust is not a commodity pool for purposes of the Commodity Exchange
Act. Consequently, Shareholders will not have the regulatory protections provided to Shareholders in Commodity Exchange Act-regulated
instruments or commodity pools.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
on digital asset trading platforms outside the U.S. is not subject to U.S. regulation and may be less reliable than U.S. trading
platforms.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent any of the Trust&rsquo;s trading is conducted on digital asset trading platforms outside the U.S., trading on such
trading platforms is not regulated by any U.S. governmental agency and may involve certain risks not applicable to trading on
U.S. trading platforms. Certain foreign markets may be more susceptible to disruption than U.S. trading platforms. These factors
could adversely affect the performance of the Trust.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
Ethereum and the broader digital assets ecosystem has grown, it has begun to attract more regulatory attention around the globe.
The future regulatory environment is uncertain and may vary by country or even within countries. Failure to appropriately regulate
the digital assets ecosystem could stifle innovation, which could adversely impact the value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
and future legislation, CFTC and SEC rulemaking, and other regulatory developments may impact the manner in which ether are treated
for classification and clearing purposes. In particular, ether may be classified by the CFTC as a &ldquo;commodity interest&rdquo;
under the Commodity Exchange Act and certain transactions in ether may be deemed to be commodity futures or ether may be classified
by the SEC as a &ldquo;security&rdquo; under U.S. federal securities laws. As of the date of this prospectus, the Sponsor is not
aware of any rules that have been proposed to regulate ether as a commodity interest or a security. Although the federal district
court in the Southern District of New York has recently held for certain purposes that ether is a commodity (distinguishable from
a commodity interest), this ruling is not definitive and the Sponsor and the Trust cannot be certain as to how future regulatory
developments will impact the treatment of ether under U.S. law. In the face of such developments, the required registrations and
compliance steps may result in extraordinary, nonrecurring expenses to the Trust. If the Sponsor decides to terminate the Trust
in response to the changed regulatory circumstances, the Trust may be dissolved or liquidated at a time that is disadvantageous
to Shareholders.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC has not asserted regulatory authority over ether or trading or ownership of ether and has not expressed the view that ether
should be classified or treated as a security for purposes of U.S. federal securities laws. In fact, senior members of the staff
of the SEC have expressed the view that ether may not be a security under the federal securities laws. However, the SEC has commented
on ether and ether-related market developments and has taken action against investment schemes involving ether. For example, in
a recent letter regarding the SEC&rsquo;s review of proposed rule changes to list and trade shares of certain ether-related investment
vehicles on public markets, the SEC staff stated that it has significant investor protection concerns regarding the markets for
digital assets, including the potential for market manipulation and fraud. In March 2018, it was reported that the SEC was examining
as many as 100 investment funds with strategies focused on digital assets. The reported focus of the examinations is on the accuracy
of risk disclosures to investors in these funds, digital asset pricing practices, and compliance with rules meant to prevent the
theft of investor funds, as well as on information gathering so that the SEC can better understand new technologies and investment
products. It has further been reported that some of these funds have received subpoenas from the SEC&rsquo;s Enforcement Division.
The SEC also has determined that certain digital assets are securities under the U.S. securities laws. In these determinations,
the SEC reasoned that the unregistered offer and sale of digital assets can, in certain circumstances, including ICOs, be considered
illegal public offering of securities. A significant amount of funding for digital asset startups has come from ICOs, and if ICOs
are halted or face obstacles, or companies that rely on them face legal action or investigation, it could have a negative impact
on the value of digital assets, including ether. Finally, the SEC&rsquo;s Division of Examinations (&ldquo;Examinations&rdquo;)
has stated that digital assets are an examination priority. In particular, Examinations has expressed its intent to focus its
examination on portfolio management of digital assets, safety of client funds and assets, pricing and valuation of client portfolios,
compliance and internal controls, and supervision of employee outside business activities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC has stated that certain digital assets may be considered &ldquo;securities&rdquo; under the federal securities laws. The test
for determining whether a particular digital asset is a &ldquo;security&rdquo; is complex and the outcome is difficult to predict.
In April 2019, the SEC&rsquo;s Strategic Hub for Innovation and Financial Technology published a framework for the analysis of
digital assets; however, this framework is not a rule, regulation or statement of the Commission and is not binding on the Commission.
If Ethereum is determined to be a &ldquo;security&rdquo; under federal or state securities laws by the SEC or any other agency,
or in a proceeding in a court of law or otherwise, it may have material adverse consequences for ether as a digital asset. For
example, it may become more difficult for ether to be traded, cleared and custodied as compared to other digital assets that are
not considered to be securities, which could in turn negatively affect the liquidity and general acceptance of ether and cause
users to migrate to other digital assets. Further, if any other digital asset with widespread markets is determined to be a &ldquo;security&rdquo;
under federal or state securities laws by the SEC or any other agency, or in a proceeding in a court of law or otherwise, it may
have material adverse consequences for ether as a digital asset due to negative publicity or a decline in the general acceptance
of digital assets. In addition, trading platforms that feature digital assets that are determined to be securities may face penalties
or be required to shut down if they do not have the licenses required to facilitate electronic markets in securities, which could
result in a reduction of the liquidity of ether markets. As such, any determination that ether or any other digital asset is a
security under federal or state securities laws may adversely affect the value of ether and, as a result, the value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that ether is deemed to fall within the definition of a security under U.S. federal securities laws, the Trust and
the Sponsor may be subject to additional requirements under the Investment Company Act and the Advisers Act. The Sponsor or the
Trust may be required to register as an investment adviser under the Advisers Act. Such additional registration may result in
extraordinary, recurring and/or non-recurring expenses of the Trust, thereby materially and adversely impacting the Shares. If
the Sponsor and/or the Trust determines not to comply with such additional regulatory and registration requirements, the Sponsor
may terminate the Trust. Any such termination could result in the liquidation of the Trust&rsquo;s ether at a time that is disadvantageous
to Shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CFTC has regulatory jurisdiction over the ether futures markets. In addition, because the CFTC has determined that ether is a
&ldquo;commodity&rdquo; under the CEA and the rules thereunder, it has jurisdiction to prosecute fraud and manipulation in the
cash, or spot, market for ether. Beyond instances of fraud or manipulation, the CFTC generally does not oversee cash or spot market
exchanges or transactions involving ether that do not utilize collateral, leverage, or financing. The National Futures Association
(&ldquo;NFA&rdquo;) is the self-regulatory agency for the U.S. futures industry, and as such has jurisdiction over ether futures.
However, the NFA does not have regulatory oversight authority for the cash or spot market for ether trading or transactions.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that ether is deemed to fall within the definition of a &ldquo;commodity interest&rdquo; under the Commodity Exchange
Act, the Trust and the Sponsor may be subject to additional regulation under the Commodity Exchange Act and CFTC regulations.
These additional requirements may result in extraordinary, recurring and/or nonrecurring expenses of the Trust, thereby materially
and adversely impacting the Shares. If the Sponsor and/or the Trust determines not to comply with such additional regulatory and
registration requirements, the Sponsor may terminate the Trust. Any such termination could result in the liquidation of the Trust&rsquo;s
ether at a time that is disadvantageous to Shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
if any other digital asset with widespread markets is determined to be a &ldquo;commodity interest&rdquo; under Commodity Exchange
Act, it may have material adverse consequences for ether as a digital asset due to negative publicity or a decline in the general
acceptance of digital assets. In addition, trading platforms that feature digital assets that are determined to be commodity interests
may face penalties or be required to shut down if they do not have the licenses required to facilitate the trading and clearance
of such commodity interests, which could result in a reduction of the liquidity of ether markets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ethereum
and other digital assets currently face an uncertain regulatory landscape in many foreign jurisdictions such as the European Union,
China, the United Kingdom, Australia, Russia, Israel, Poland, India and Canada. Cybersecurity attacks by state actors, particularly
for the purpose of evading international economic sanctions, are likely to attract additional regulatory scrutiny to the acquisition,
ownership, sale and use of digital assets, including ether. The effect of any existing regulation or future regulatory change
on the Trust or ether is impossible to predict, but such change could be substantial and adverse to the Trust and the value of
the Shares. Various foreign jurisdictions have adopted, and may continue to adopt in the near future, laws, regulations or directives
that affect digital assets, particularly with respect to digital asset exchanges, trading venues and service providers that fall
within such jurisdictions&rsquo; regulatory scope. For example, on May 21, 2021, Chinese Vice Premier Liu He and the State Council
issued a statement aiming to crackdown on bitcoin mining in China. Over the subsequent weeks, multiple regions began to shut down
mining operations, including what was estimated to be the three largest Chinese mining regions in Xinjiang, Sichuan, and Inner
Mongolia. This resulted in a material decrease in the global bitcoin hash rate. Such laws, regulations or directives may conflict
with those of the United States and may negatively impact the acceptance of digital assets by users, merchants and service providers
outside the United States and may therefore impede the growth or sustainability of the digital assets economy in these jurisdictions
as well as in the United States and elsewhere, or otherwise negatively affect the value of digital assets, including ether, and,
in turn, the value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
Ethereum&rsquo;s move to proof-of-stake, if regulators or public utilities take action that restricts or otherwise impacts mining
activities generally, such actions could result in decreased security of a digital asset network, including the Ethereum network,
and consequently adversely impact the value of the Shares. This could adversely affect the price of ether, or the operation of
the Ethereum network, and accordingly decrease the value of the Shares, by creating negative sentiment around digital assets generally.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
may be illegal now, or in the future, to acquire, own, hold, sell or use ether in one or more countries, and ownership of, holding
or trading in the Shares may also be considered illegal and subject to sanction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
currently ether is not regulated or is lightly regulated in most countries, including the United States, one or more countries
such as China, India or Russia may take regulatory actions in the future that severely restricts the right to acquire, own, hold,
sell or use ether or to exchange ether for fiat currency. Such an action may also result in the restriction of ownership, holding
or trading in the Shares. Such a restriction could result in the termination and liquidation of the Trust at a time that is disadvantageous
to Shareholders, or may adversely affect an investment in the Shares.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
Risk</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IRS may disagree with or seek to challenge the Trust&rsquo;s treatment as a grantor trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor intends to take the position that the Trust is properly treated as a grantor trust for U.S. federal income tax purposes.
Assuming that the Trust is a grantor trust, the Trust will not be subject to U.S. federal income tax. Rather, if the Trust is
a grantor trust, each beneficial owner of Shares will be treated as directly owning its pro rata share of the Trust&rsquo;s assets
and a pro rata portion of the Trust&rsquo;s income, gain, losses and deductions will &ldquo;flow through&rdquo; to each beneficial
owner of Shares.</FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
could incur a tax liability without an associated distribution of the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the normal course of business, it is possible that the Trust could incur a taxable gain in connection with the sale of ether (including
deemed sales of ether as a result of the Trust using ether to pay its expenses, including the Sponsor Fee) that is otherwise not
associated with a distribution to Shareholders, or in connection with the receipt cash from the Sponsor in connection with the
Sponsor&rsquo;s sale of Incidental Right(s) and/or IR Asset(s). Shareholders may be subject to tax due to the grantor trust status
of the Trust even though there is not a corresponding distribution from the Trust.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax treatment of ether and transactions involving ether for U.S. federal income tax purposes may change.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax treatment of digital assets is still evolving and subject to change. Current IRS guidance indicates that ether should be treated
as property for federal income tax purposes and that transactions involving the exchange of ether in return for goods and services
should be treated as barter exchanges. Such guidance allows transactions in ether to qualify for beneficial capital gains treatment.
However, because ether is a new technological innovation, the U.S. federal income tax treatment of an investment in ether or in
transactions relating to investments in ether, including without limitation the tax treatment of a fork or airdrop, may evolve
and change from those described in this prospectus, possibly with retroactive effect. For example, current guidance indicates
that digital asset currencies are neither collectibles nor currencies for the purposes of determining the applicable tax rate;
however, the IRS has statutory authority to change its position. If the IRS were to determine that digital assets were collectibles
or a currency, the tax rate incurred by investors would be higher. Additional disclosure requirements may also apply to an investment
in digital assets. Investors should consult their individual tax advisors to determine if such disclosure requirements apply to
them.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
change in the U.S. federal income tax treatment of ether may have a negative effect on prices of ether and may adversely affect
the value of the Shares. Whether any additional guidance will adversely affect the U.S. federal income tax treatment of an investment
in ether or in transactions relating to investments in ether is unknown. There can be no assurance that the IRS will not alter
its position with respect to digital assets in the future or that a court would uphold the treatment set forth in the Notice and
the Ruling &amp; FAQs.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax treatment of ether and transactions involving ether for state and local tax purposes is not settled.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
ether is a new technological innovation, the tax treatment of ether for state and local tax purposes, including without limitation
state and local income and sales and use taxes, is not settled. It is uncertain what guidance, if any, on the treatment of ether
for state and local tax purposes may be issued in the future. A state or local government authority&rsquo;s treatment of ether
may have negative consequences, including the imposition of a greater tax burden on investors in ether or the imposition of a
greater cost on the acquisition and disposition of ether generally. Any such treatment may have a negative effect on prices of
ether and may adversely affect the value of the Shares.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
&ldquo;fork&rdquo; of the Ethereum blockchain or an airdrop could result in Shareholders incurring a tax liability.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a fork occurs in the Ethereum blockchain, the Trust Agreement requires that the Sponsor analyze the transaction according to several
criteria and promptly determine which digital asset network is generally accepted as the Ethereum network and should therefore
be considered the appropriate network for the Trust&rsquo;s purposes. The Sponsor will base its determination on a variety of
then relevant factors, including, but not limited to, the Sponsor&rsquo;s beliefs regarding expectations of the core developers
of Ethereum, users, services, businesses, validators and other constituencies, as well as the actual continued acceptance of,
validating power on, and community engagement with, the Ethereum network. The outcome of such determination shall determine which
asset is &ldquo;ether&rdquo; and which is the Forked Asset, an IR Asset. Pursuant to the Trust Agreement, the Trust has explicitly
disclaimed all Incidental Rights and IR Assets, including Forked Assets. Such assets are not considered assets of the Trust at
any point in time. Once it has been determined by the Sponsor which asset is ether and which is the Forked Asset, the Sponsor
will, as soon as practicable, and, if possible, immediately, distribute the Forked Asset to the Sponsor. Once acquired, the Sponsor
may take any lawful action necessary or desirable in connection with its acquisition of such asset. In the event that the Sponsor
decides to sell the Forked Asset, it will seek to do so for cash. This may be a sale of the Forked Asset directly in exchange
for cash, or in exchange for another digital asset which may subsequently be exchanged for cash. The Sponsor would then contribute
that cash back to the Trust, which in turn would distribute the cash to DTC to be distributed to Shareholders in proportion to
the number of Shares owned. The receipt of cash in connection with this distribution may cause Shareholders to incur a U.S. federal,
state, local, or foreign tax liability. In addition, the IRS may not accept the Trust&rsquo;s position that disclaimed Incidental
Rights or IR Assets do not represent a taxable incident. Any tax liability could adversely impact an investment in the Shares
and may require Shareholders to prepare and file tax returns. Any tax liability could adversely impact an investment in the Shares
and may require Shareholders to prepare and file tax returns.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the IRS guidance on digital assets, hard forks, airdrops and similar occurrences with respect to digital assets will under certain
circumstances be treated as taxable events giving rise to ordinary income. In the absence of guidance to the contrary, it is possible
that any such income recognized by a U.S. tax-exempt Shareholder would constitute &ldquo;unrelated business taxable income&rdquo;
(&ldquo;UBTI&rdquo;). A tax-exempt Shareholder should consult its tax advisor regarding whether such Shareholder may recognize
UBTI as a consequence of an investment in Shares.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-U.S.
Holders may be subject to U.S. federal withholding tax on income derived from forks, airdrops and similar occurrences.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IRS
guidance on digital assets does not address whether income recognized by a non-U.S. person as a result of a fork, airdrop or similar
occurrence could be subject to the 30% withholding tax imposed on U.S.-source &ldquo;fixed or determinable annual or periodical&rdquo;
income. Non-U.S. Shareholders should assume that, in the absence of guidance, a withholding agent (including the Sponsor) is likely
to withhold 30% of any such income recognized by a non-U.S. Shareholder in respect of its Shares, including by deducting such
withheld amounts from proceeds that such non-U.S. Shareholder would otherwise be entitled to receive in connection with a distribution
of cash in connection with the Sponsor&rsquo;s sale of an IR Right and/or IR Asset and contributing such cash back to the Trust.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
Risks</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a new fund, there is no guarantee that an active trading market for the Shares will develop. To the extent that no active trading
market develops and the assets of the Trust do not reach a viable size, the liquidity of the Shares may be limited or the Trust
may be terminated at the option of the Sponsor.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a new fund, there can be no assurance that the Trust will grow to or maintain an economically viable size, in which case the Sponsor
may elect to terminate the Trust, which could result in the liquidation of the Trust&rsquo;s ether at a time that is disadvantageous
to an investor in the Shares. If the Trust fails to achieve sufficient scale due to competition, the Sponsor may have difficulty
raising sufficient revenue to cover the costs associated with launching and maintaining the Trust, and such shortfalls could impact
the Sponsor&rsquo;s ability to properly invest in robust ongoing operations and controls of the Trust to minimize the risk of
operating events, errors, or other forms of losses to the Shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Trust may also fail to attract adequate liquidity in the secondary market due to such competition, resulting in
a sub-standard number of Authorized Participants willing to make a market in the Shares, which in turn could result in a significant
premium or discount in the Shares for extended periods and the Trust&rsquo;s failure to reflect the performance of the price of
ether.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust may be required to terminate and liquidate at a time that is disadvantageous to Shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trust is required to terminate and liquidate, such termination and liquidation could occur at a time that is disadvantageous
to Shareholders, such as when the price of ether is lower than it was at the time when Shareholders purchased their Shares. In
such a case, when the Trust&rsquo;s ether is sold as part of the Trust&rsquo;s liquidation, the resulting proceeds distributed
to Shareholders will be less than if the price of ether were higher at the time of sale. See <I>&ldquo;Additional Information
About the Trust&mdash;Termination of the Trust&rdquo;</I> for more information about the termination of the Trust, including when
the termination of the Trust may be triggered by events outside the direct control of the Sponsor, the Trustee or Shareholders.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Exchange on which the Shares are listed may halt trading in the Shares, which would adversely impact an investor&rsquo;s ability
to sell Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares are listed for trading on the Exchange under the market symbol &ldquo;ETHW.&rdquo; Trading in Shares may be halted due
to market conditions or, in light of the Exchange rules and procedures, for reasons that, in the view of the Exchange, make trading
in Shares inadvisable. In addition, trading is subject to trading halts caused by extraordinary market volatility pursuant to
&ldquo;circuit breaker&rdquo; rules that require trading to be halted for a specified period based on a specified market decline.
Additionally, there can be no assurance that the requirements necessary to maintain the listing of the Shares will continue to
be met or will remain unchanged.</FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants, which could adversely
affect the market price of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that one or more Authorized Participants or market makers that have substantial interests in the Shares withdraw or
&ldquo;step away&rdquo; from participation in the purchase (creation) or sale (redemption) of the Shares, the liquidity of the
Shares will likely decrease, which could adversely affect the market price of the Shares and result in investors incurring a loss
on their investment.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market infrastructure of the ether spot market could result in the absence of active Authorized Participants able to support the
trading activity of the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
is extremely volatile, and concerns exist about the stability, reliability and robustness of many digital asset trading platforms
where ether trade. In a highly volatile market, or if one or more digital asset trading platforms supporting the ether market
faces an issue, it could be extremely challenging for any Authorized Participants to provide continuous liquidity in the Shares.
There can be no guarantee that the Sponsor will be able to find an Authorized Participant to actively and continuously support
the Trust.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
asset trading platforms are not subject to same regulatory oversight as traditional equity exchanges, which could negatively impact
the ability of Authorized Participants to implement arbitrage mechanisms.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading for ether occurs on multiple digital asset trading platforms that have various levels and types of regulation, but are
not regulated in the same manner as traditional stock and bond exchanges. If these digital asset trading platforms do not operate
smoothly or face technical, security or regulatory issues, that could impact the ability of Authorized Participants to make markets
in the Shares. In such an event, trading in the Shares could occur at a material premium or discount against the NAV.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Authorized Participants serve in such capacity for several competing exchange-traded ether products, which could adversely affect
the market for the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Only
an Authorized Participant may engage in creation or redemption transactions directly with the Trust. Some or all of the Trust&rsquo;s
Authorized Participants are expected to serve as authorized participants or market makers for one or more exchange-traded ether
products that compete with the Trust. This may make it more difficult to engage or retain Authorized Participants for the Trust.
Furthermore, because there is no obligation on the part of the Authorized Participants to engage in creation and redemption or
market making activities with respect to the Trust&rsquo;s Shares, decisions by the Authorized Participants to not engage with
the Trust or its Shares may result in a decline in the liquidity of the Shares and the price of the Shares may fluctuate independently
of the price of Trust&rsquo;s ether (i.e., at a greater premium or discount to the Trust&rsquo;s NAV).</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
that are not Authorized Participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated
with trading in secondary markets may adversely affect investors&rsquo; investment in the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Only
Authorized Participants may purchase or redeem Baskets. All other investors that desire to purchase or sell Shares must do so
through the Exchange or in other markets, if any, in which the Shares may be traded. Shares may trade at a premium or discount
to the NAV per Share.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor is leanly staffed and relies heavily on key personnel to manage its activities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor is leanly staffed and relies heavily on key personnel to manage its activities. These key personnel intend to allocate
their time managing the Trust in a manner that they deem appropriate. If such key personnel were to leave or be unable to carry
out their present responsibilities, it may have an adverse effect on the management of the Sponsor.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conducting
creations and redemptions for cash has drawbacks.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the near-term, the Trust will effect all of its creations and redemptions for cash, rather than in-kind. The use of cash creations
and redemptions may cause Shares to trade in the market at greater bid-ask spreads or greater premiums or discounts to their NAV
per Share. The use of cash for redemptions will also limit the tax efficiency of the Trust. Additionally, the Trust&rsquo;s need
to purchase ether in connection with creation orders introduces the possibility that the Trust will pay a higher price for ether
than the value ascribed to ether by the Pricing Index, the rate used to calculate the Trust&rsquo;s NAV. This is known as &ldquo;slippage.&rdquo;
While transactions in any asset are subject to the risk of slippage, it is possible that transactions in digital assets may be
more susceptible. The Trust seeks to minimize the risk of slippage by basing the amount of cash an Authorized Participant is required
to deposit to consummate a creation order for Baskets on the price the Trust actually paid for the ether rather than on the value
of ether ascribed by the Pricing Index. Nonetheless, there can be no guarantee that the Trust will not be negatively affected
by slippage from time to time. The Trust will also incur transaction costs it would not otherwise have incurred if it received
and distributed ether in-kind and was not required to purchase and sell ether in connection with creation and redemption orders.</FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Potential
conflicts of interest may arise among the Sponsor or its affiliates and the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust operations will be managed by the Sponsor. It is possible that conflicts may arise between the Sponsor, affiliates, the
Trust and its Shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
resolving conflicts of interest, the Sponsor is allowed to take into account the interests of other parties. Conflicts of interest
may arise as a result of:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsor
                                         and its affiliates will be indemnified pursuant to the Trust Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Sponsor&rsquo;s allocation of resources (including the time and attention of management
                                         and business development) among different clients and potential future business ventures,
                                         to each of which they may owe fiduciary duties, the determination of which is the responsibility
                                         of the Sponsor and its affiliates;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         staff of the Sponsor may also directly or indirectly serve affiliates and clients of
                                         the Sponsor;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Trust Agreement does not prohibit the Sponsor, its respective affiliates and their respective
                                         officers and employees from engaging in other businesses or activities that might be
                                         in direct competition with the Trust;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Sponsor and its staff may take direct positions in ether or in other investments, or
                                         may advise other clients to take such positions, that may be in conflict with the investment
                                         objective of the Shares or that may be of a size that could impact the price of ether;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
                                         has been no independent due diligence conducted with respect to this offering, where
                                         applicable, and there is an absence of arm&rsquo;s-length negotiation with respect to
                                         certain terms of the Trust;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Sponsor decides whether to obtain third party services for the Trust.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
investing in the Shares, investors agree and consent to the provisions set forth in the Trust Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a further discussion of the conflicts of interest among the Sponsor, Ether Custodian, Cash Custodian, Trust and others, see <I>&ldquo;Conflicts
of Interest.&rdquo;</I></FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is new, and if it is not profitable, the Trust may terminate and liquidate at a time that is disadvantageous to Shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is new. If the Trust does not attract sufficient assets to remain open, then the Trust could be terminated and liquidated
at the direction of the Sponsor. Termination and liquidation of the Trust could occur at a time that is disadvantageous to Shareholders.
When the Trust&rsquo;s assets are sold as part of the Trust&rsquo;s liquidation, the resulting proceeds distributed to Shareholders
may be less than those that may be realized in a sale outside of a liquidation context. Investors may be adversely affected by
redemption or creation orders that are subject to postponement, suspension or rejection under certain circumstances.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor may discontinue its services, which may be detrimental to the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsor
may be unwilling or unable to continue to serve as sponsor to the Trust for any length of time. If the Sponsor discontinues its
activities and is unable to be replaced, the Trust may have to terminate and liquidate the ether held by the Trust. A substitute
sponsor&rsquo;s appointment will not guarantee the Trust&rsquo;s continued operation even if a substitute sponsor is found, the
appointment of a substitute sponsor may not necessarily be beneficial to the Trust or an investment in the Shares and the Trust
may terminate.</FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of the service providers could resign or be removed by the Trust, which could trigger early termination of the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
service provider may resign or be removed under its respective governing agreement. The Trust may dissolve in accordance with
the terms of the Trust Agreement if any service provider resigns or is removed and is unable to be replaced.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
lack of independent advisers representing investors in the Trust may cause Shareholders to be adversely affected.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counsel,
accountants and other advisers have been consulted by the Sponsor regarding the formation and operation of the Trust. Potential
investors should consult their own legal, tax and financial advisers regarding the desirability of an investment in the Shares.
No counsel has been appointed to represent an investor in connection with the offering of the Shares. Failure to consult with
their own legal, tax and financial advisers may lead to Shareholders making an undesirable investment decision with respect to
investment in the Shares.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
separate counsel; no responsibility or independent verification.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chapman
and Cutler LLP represents the Sponsor. The Trust does not have counsel separate and independent from counsel to the Sponsor. Chapman
and Cutler LLP does not represent Shareholders, and no independent counsel has been retained to represent Shareholders. Chapman
and Cutler LLP is not responsible for any acts or omissions of the Sponsor, the Administrator, the Trustee, the Ether Custodian,
the Cash Custodian, the Prime Execution Agent, an Ether Trading Counterparty, the Transfer Agent or the Trust (including their
compliance with any guidelines, policies, restrictions or applicable law, or the selection, suitability or advisability of their
investment activities) or any administrator, accountant, custodian or other service provider to the Sponsor, Trustee or the Trust.
This Prospectus was prepared based on information provided by the Sponsor, the Administrator, the Ether Custodian, the Cash Custodian,
the Prime Execution Agent, the Transfer Agent, and the Trustee, in good faith and based on reasonable best efforts to ensure the
information is accurate as of the date of this Prospectus, and Chapman and Cutler LLP has not independently verified such information.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
do not have the rights enjoyed by investors in certain other vehicles and may be adversely affected by a lack of statutory rights
and by limited voting and distribution rights.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares have limited voting and distribution rights under the Trust Agreement. For example, except as required under applicable
federal law or under the rules or regulations of an Exchange, Shareholders do not have any voting rights, take no part in the
management or control, and have no voice in, the Trust&rsquo;s operations or business. The Trust may enact splits or reverse splits
without Shareholder approval and the Trust is not required to pay regular distributions. The Trust will not have regular Shareholder
meetings. The right to authorize actions, appoint service providers or take other actions will not be held by Shareholders, as
may be taken by shareholders of other trusts.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in the Trust may be adversely affected by competition from other investment vehicles focused on ether or other digital
assets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust will compete with direct investments in ether, other digital assets and other potential financial vehicles, possibly including
securities backed by or linked to digital assets and other investment vehicles that focus on other digital assets. Market and
financial conditions, and other conditions beyond the Trust&rsquo;s control, may make it more attractive to invest in other vehicles,
which could adversely affect the performance of the Trust.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
cannot be assured of the Sponsor&rsquo;s continued services, the discontinuance of which may be detrimental to the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
cannot be assured that the Sponsor will be able to continue to service the Trust for any length of time. If the Sponsor discontinues
its activities on behalf of the Trust, the Trust may be adversely affected, as there may be no entity servicing the Trust for
a period of time. Such an event could result in termination of the Trust.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
liability of the Sponsor and the Trustee is limited, and the value of the Shares will be adversely affected if the Trust is required
to indemnify the Trustee or the Sponsor.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust Agreement, the Trustee and the Sponsor are not liable, and have the right to be indemnified, for any liability or expense
incurred absent gross negligence or willful misconduct on the part of the Trustee or the Sponsor or breach by the Sponsor of the
Trust Agreement, as the case may be. As a result, the Sponsor may require the assets of the Trust to be sold in order to cover
losses or liability suffered by it. Any sale of that kind would reduce the NAV of the Trust and the value of its Shares.</FONT></P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders&rsquo;
limited rights of legal recourse against the Trust, Sponsor, Administrator, Transfer Agent, Cash Custodian, Prime Execution Agent
and Ether Custodian and the Trust&rsquo;s lack of direct insurance protection expose the Trust and its Shareholders to the risk
of loss of the Trust&rsquo;s ether for which no person is liable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is not a banking institution and is not a member of the FDIC or Securities Investor Protection Corporation (&ldquo;SIPC&rdquo;)
and, therefore, investments in the Trust are not subject to the protections enjoyed by depositors with FDIC or SIPC member institutions.
Likewise, the Ether Custodian is not a depository institution and is not a member of the FDIC or SIPC and, therefore, the Trust&rsquo;s
assets held with the Ether Custodian are not subject to FDIC or SIPC insurance coverage. In addition, neither the Trust nor the
Sponsor insure the Trust&rsquo;s ether. The Ether Custodian&rsquo;s parent, Coinbase Global, Inc. (&ldquo;Coinbase Global&rdquo;)
maintains a commercial crime insurance policy of up to $320 million, which is intended to cover the loss of client assets held
by Coinbase Global and all of its subsidiaries, including the Ether Custodian and the Prime Execution Agent (collectively, Coinbase
Global and its subsidiaries are referred to as the &ldquo;Coinbase Insureds&rdquo;), including from employee collusion or fraud,
physical loss including theft, damage of key material, security breach or hack, and fraudulent transfer. The insurance maintained
by the Coinbase Global is shared among all of Coinbase&rsquo;s customers, is not specific to the Trust or to customers holding
ether with the Ether Custodian or Prime Execution Agent and may not be available or sufficient to protect the Trust from all possible
losses or sources of losses. Coinbase Global&rsquo;s insurance may not cover the type of losses experienced by the Trust. Alternatively,
the Trust may be forced to share such insurance proceeds with other clients or customers of the Coinbase Insureds, which could
reduce the amount of such proceeds that are available to the Trust. In addition, the ether insurance market is limited, and the
level of insurance maintained by Coinbase Global may be substantially lower than the assets of the Trust. While the Ether Custodian
maintains certain capital reserve requirements depending on the assets under custody, and such capital reserves may provide additional
means to cover client asset losses, the Trust cannot be assured that the Ether Custodian will maintain capital reserves sufficient
to cover actual or potential losses with respect to the Trust&rsquo;s digital assets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
under the Ether Custody Agreement, the Ether Custodian&rsquo;s liability is limited as follows, among others: (i) other than with
respect to claims and losses arising from spot trading of ether, or fraud or willful misconduct, the Mutually Capped Liabilities
(defined below), the Ether Custodian&rsquo;s aggregate liability under the Ether Custody Agreement shall not exceed the greater
of (A) the greater of (x) $5 million and (y) the aggregate fees paid by the Trust to the Ether Custodian in the 12 months prior
to the event giving rise to the Ether Custodian&rsquo;s liability, and (B) the value of the affected ether or cash giving rise
to the Ether Custodian&rsquo;s liability; (ii) the Ether Custodian&rsquo;s aggregate liability in respect of each cold storage
address shall not exceed $100 million; (iii) in respect of the Ether Custodian&rsquo;s obligations to indemnify the Trust and
its affiliates against third-party claims and losses to the extent arising out of or relating to, among others, the Ether Custodian&rsquo;s
gross negligence, violation of its confidentiality, data protection and/or information security obligations, or violation of any
law, rule or regulation with respect to the provision of its services (the &ldquo;Mutually Capped Liabilities&rdquo;), the Ether
Custodian&rsquo;s liability shall not exceed the greater of (A) $5 million and (B) the aggregate fees paid by the Trust to the
Ether Custodian in the 12 months prior to the event giving rise to the Ether Custodian&rsquo;s liability; and (iv) in respect
of any incidental, indirect, special, punitive, consequential or similar losses, the Ether Custodian is not liable, even if the
Ether Custodian has been advised of or knew or should have known of the possibility thereof. In general, the Ether Custodian is
not liable under the Ether Custody Agreement unless in the event of its negligence, fraud, material violation of applicable law
or willful misconduct. The Ether Custodian is not liable for delays, suspension of operations, failure in performance, or interruption
of service to the extent it is directly due to a cause or condition beyond the reasonable control of the Ether Custodian. In the
event of potential losses incurred by the Trust as a result of the Ether Custodian losing control of the Trust&rsquo;s ether or
failing to properly execute instructions on behalf of the Trust, the Ether Custodian&rsquo;s liability with respect to the Trust
will be subject to certain limitations which may allow it to avoid liability for potential losses or may be insufficient to cover
the value of such potential losses, even if the Ether Custodian directly caused such losses.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Similarly,
under the Prime Execution Agreement, the Prime Execution Agent&rsquo;s liability is limited as follows, among others: (i) other
than with respect to claims and losses arising from spot trading of ether, or fraud or willful misconduct, or the PB Mutually
Capped Liabilities (defined below), the Prime Execution Agent&rsquo;s aggregate liability shall not exceed the greater of (A)
the greater of (x) $5 million and (y) the aggregate fees paid by the Trust to the Prime Execution Agent in the 12 months prior
to the event giving rise to the Prime Execution Agent&rsquo;s liability, and (B) the value of the cash or affected ether giving
rise to the Prime Execution Agent&rsquo;s liability; (ii) in respect of the Prime Execution Agent&rsquo;s obligations to indemnify
the Trust and its affiliates against third-party claims and losses to the extent arising out of or relating to, among others,
the Prime Execution Agent&rsquo;s gross negligence, violation of its confidentiality, data protection and/or information security
obligations, violation of any law, rule or regulation with respect to the provision of its services, or the full amount of the
Trust&rsquo;s assets lost due to the insolvency of or security event at a Connected Trading Venue (as defined below) (the &ldquo;PB
Mutually Capped Liabilities&rdquo;), the Prime Execution Agent&rsquo;s liability shall not exceed the greater of (A) $5 million
and (B) the aggregate fees paid by the Trust to the Prime Execution Agent in the 12 months prior to the event giving rise to the
Prime Execution Agent&rsquo;s liability; and (iii) in respect of any incidental, indirect, special, punitive, consequential or
similar losses, the Prime Execution Agent is not liable, even if the Prime Execution Agent has been advised of or knew or should
have known of the possibility thereof. In general, with limited exceptions (such as for failing to execute an order), the Prime
Execution Agent is not liable under the Prime Execution Agreement unless in the event of its gross negligence, fraud, material
violation of applicable law or willful misconduct. The Prime Execution Agent is not liable for delays, suspension of operations,
failure in performance, or interruption of service to the extent it is directly due to a cause or condition beyond the reasonable
control of the Prime Execution Agent. These and the other limitations on the Prime Execution Agent&rsquo;s liability may allow
it to avoid liability for potential losses or may be insufficient to cover the value of such potential losses, even if the Prime
Execution Agent directly caused such losses. Both the Trust and the Prime Execution Agent and its affiliates (including the Ether
Custodian) are required to indemnify each other under certain circumstances.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
in the event of an insolvency or bankruptcy of the Prime Execution Agent (in the case of the Trading Balance) or the Ether Custodian
(in the case of the Trust Ether Account) in the future, given that the contractual protections and legal rights of customers with
respect to digital assets held on their behalf by third parties are relatively untested in a bankruptcy of an entity such as the
Ether Custodian or Prime Execution Agent in the virtual currency industry, there is a risk that customers&rsquo; assets &ndash;
including the Trust&rsquo;s assets &ndash; may be considered the property of the bankruptcy estate of the Prime Execution Agent
(in the case of the Trading Balance) or the Ether Custodian (in the case of the Trust Ether Account), and customers &ndash; including
the Trust &ndash; may be at risk of being treated as general unsecured creditors of such entities and subject to the risk of total
loss or markdowns on value of such assets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ether Custody Agreement contains an agreement by the parties to treat the ether credited to the Trust Ether Account as financial
assets under Article 8 of the New York Uniform Commercial Code (&ldquo;Article 8&rdquo;), in addition to stating that the Ether
Custodian will serve as fiduciary and custodian on the Trust&rsquo;s behalf. The Ether Custodian&rsquo;s parent, Coinbase Global
Inc., has stated in its most recent public securities filings that in light of the inclusion in its custody agreements of provisions
relating to Article 8 it believes that a court would not treat custodied digital assets as part of its general estate in the event
the Ether Custodian were to experience insolvency. However, due to the novelty of digital asset custodial arrangements courts
have not yet considered this type of treatment for custodied digital assets and it is not possible to predict with certainty how
they would rule in such a scenario. If the Ether Custodian became subject to insolvency proceedings and a court were to rule that
the custodied ether were part of the Ether Custodian&rsquo;s general estate and not the property of the Trust, then the Trust
would be treated as a general unsecured creditor in the Ether Custodian&rsquo;s insolvency proceedings and the Trust could be
subject to the loss of all or a significant portion of its assets. Moreover, in the event of the bankruptcy of the Ether Custodian,
an automatic stay could go into effect and protracted litigation could be required in order to recover the assets held with the
Ether Custodian, all of which could significantly and negatively impact the Trust&rsquo;s operations and the value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to the Prime Execution Agreement, there is a risk that the Trading Balance, in which the Trust&rsquo;s ether and cash
is held in omnibus accounts by the Prime Execution Agent (in the latter case, as described below in &ldquo;Risk Factors&mdash;Loss
of a critical banking relationship for, or the failure of a bank used by, the Prime Execution Agent could adversely impact the
Trust&rsquo;s ability to create or redeem Baskets, or could cause losses to the Trust&rdquo;), could be considered part of the
Prime Execution Agent&rsquo;s bankruptcy estate in the event of the Prime Execution Agent&rsquo;s bankruptcy. The Prime Execution
Agreement contains an Article 8 opt-in clause with respect to the Trust&rsquo;s assets held in the Trading Balance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Execution Agent is not required to hold any of the ether or cash in the Trust&rsquo;s Trading Balance in segregation. Within
the Trading Balance, the Prime Execution Agreement provides that the Trust does not have an identifiable claim to any particular
ether (and cash). Instead, the Trust&rsquo;s Trading Balance represents an entitlement to a pro rata share of the ether (and cash)
the Prime Execution Agent has allocated to the omnibus wallets the Prime Execution Agent holds, as well as the accounts in the
Prime Execution Agent&rsquo;s name that the Prime Execution Agent maintains at Connected Trading Venues (the &ldquo;Connected
Trading Venue&rdquo;) (which are typically held on an omnibus, rather than segregated, basis). If the Prime Execution Agent suffers
an insolvency event, there is a risk that the Trust&rsquo;s assets held in the Trading Balance could be considered part of the
Prime Execution Agent&rsquo;s bankruptcy estate and the Trust could be treated as a general unsecured creditor of the Prime Execution
Agent, which could result in losses for the Trust and Shareholders. Moreover, in the event of the bankruptcy of the Prime Execution
Agent, an automatic stay could go into effect and protracted litigation could be required in order to recover the assets held
with the Prime Execution Agent, all of which could significantly and negatively impact the Trust&rsquo;s operations and the value
of the Shares.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust Agreement, the Sponsor will not be liable for any liability or expense incurred, including, without limitation, as a
result of any loss of ether by the Ether Custodian or Prime Execution Agent, absent gross negligence, bad faith or willful misconduct
on the part of the Sponsor. As a result, the recourse of the Trust or the Shareholders to the Sponsor, including in the event
of a loss of ether by the Ether Custodian or Prime Execution Agent, is limited.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shareholders&rsquo; recourse against the Sponsor and the Trust&rsquo;s other service providers for the services they provide to
the Trust, including, without limitation, those relating to the holding of ether or the provision of instructions relating to
the movement of ether, is limited. For the avoidance of doubt, neither the Sponsor, the Trustee, nor any of their affiliates,
nor any other party has guaranteed the assets or liabilities, or otherwise assumed the liabilities, of the Trust, or the obligations
or liabilities of any service provider to the Trust, including, without limitation, the Ether Custodian and Prime Execution Agent.
The Prime Execution Agreement and Ether Custody Agreement provide that neither the Sponsor nor its affiliates shall have any obligation
of any kind or nature whatsoever, by guaranty, enforcement or otherwise, with respect to the performance of any the Trust&rsquo;s
obligations, agreements, representations or warranties under the Prime Execution Agreement or Ether Custody Agreement or any transaction
thereunder. Consequently, a loss may be suffered with respect to the Trust&rsquo;s ether that is not covered by Coinbase Global&rsquo;s
insurance and for which no person is liable in damages. As a result, the recourse of the Trust or the Shareholders, under applicable
law, is limited.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the rare and limited circumstances when the Trust utilizes the Agent Execution Model, it may utilize Trade Credits. If the Trade
Credits are not available or become exhausted, the Trust may face delays in buying or selling ether that may adversely impact
Shareholders; if the Trust does not repay the Trade Credits on time, its assets may be liquidated by the Trade Credit Lender and
its affiliates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the rare and limited circumstances when the Trust utilizes the Agent Execution Model, it may utilize Trade Credits (defined below).
To avoid having to pre-fund purchases or sales of ether, the Trust may borrow ether or cash as trade credit (&ldquo;Trade Credit&rdquo;)
from Coinbase Credit, Inc. (the &ldquo;Trade Credit Lender&rdquo;) on a short-term basis pursuant to the Coinbase Credit Committed
Trade Financing Agreement (the &ldquo;Trade Financing Agreement&rdquo;). The Trade Credit Lender is only required to extend Trade
Credits to the Trust to the extent such ether or cash is actually available to the Trade Credit Lender. To the extent that Trade
Credits are not available or become exhausted, (1) there may be delays in the buying and selling of ether related to cash creations
and redemptions or the selling of ether related to paying Trust expenses not assumed by the Sponsor, to the extent applicable,
(2) Trust assets may be in held the Trading Balance for a longer duration than if Trade Credits were available, and (3) the execution
price associated with such trades may deviate significantly from the Pricing Index price used to determine the net asset value
of the Trust. To the extent that the execution price for purchases and sales of ether deviate significantly from the Pricing Index
price used to determine the Trust&rsquo;s NAV, Shareholders may be negatively impacted because the added costs of such price deviations
would be incurred by the Authorized Participants and may be passed onto the Shareholders in the secondary market.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>To
the extent the Trust utilizes Trade Credits when using the Agent Execution Model, such Trade Credits are secured by the Trust&rsquo;s
assets, including any cash and ether held in the Trading Balance with the Prime Execution Agent and the Trust Ether Account held
with the Ether Custodian, and such assets may be liquidated by the Trade Credit Lender to repay Trade Credit debt owed by the
Trust in the event the Trust fails to repay the Trade Credit debt.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the rare and limited circumstances when the Trust utilizes the Agent Execution Model, it may utilize Trade Credits. The Trust
generally must repay Trade Credits by 6:00 p.m. ET on the calendar day immediately following the day the Trade Credit was extended
by the Trade Credit Lender to the Trust (or, if such day is not a business day, on the next business day). Pursuant to the Trade
Financing Agreement, the Trust has granted a security interest, lien on, and right of set off against all of the Trust&rsquo;s
right, title and interest, in the Trust&rsquo;s Trading Balance and Trust Ether Account established pursuant to the Prime Execution
Agreement and Ether Custody Agreement, in order to secure the repayment by the Trust of the Trade Credits and financing fees to
the Trade Credit Lender. Upon a Termination for Cause, as defined in the Prime Execution Agreement, which includes a failure by
the Trust to pay and settle in full its obligations to the Trade Credit Lender in respect of the financing it provides to the
Trust in the form of Trade Credits, the Ether Custodian and the Prime Execution Agent have agreed to comply with instructions
from the Trade Credit Lender with respect to the disposition of the assets in the Trust Ether Account and Trading Balance respectively
without further consent by the Trust. If the Trust fails to repay the Trade Credits to the Trade Credit Lender on time and in
full, the Trade Credit Lender can take control of the Trust&rsquo;s assets and liquidate them to repay the Trade Credit debt owed
by the Trust to the Trade Credit Lender.</FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
of a critical banking relationship for, or the failure of a bank used by, the Prime Execution Agent could adversely impact the
Trust&rsquo;s ability to create or redeem Baskets, or could cause losses to the Trust, in the limited circumstances when the Trust
utilizes the Agent Execution Model.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Execution Agent relies on bank accounts to provide its trading platform services and including temporarily holding any cash
related to a customer&rsquo;s purchase or sale of ether. In particular, the Prime Execution Agent has disclosed that customer
cash held by the Prime Execution Agent, including the cash associated with the Trust&rsquo;s Trading Balance, is held in one or
more banks&rsquo; accounts for the benefit of the Prime Execution Agent&rsquo;s customers, or in money market funds in compliance
with Rule 2a-7 under the Investment Company Act and rated &ldquo;AAA&rdquo; by S&amp;P (or the equivalent from any eligible rating
service), provided that such investments are held in accounts in Coinbase&rsquo;s name for the benefit of customers and are permitted
and held in accordance with state money transmitter laws (&ldquo;Money Market Funds&rdquo;). The Prime Execution Agent has represented
to the Sponsor that it has implemented the following policy with respect to the cash associated with the Trust&rsquo;s Trading
Balance. First any cash related to the Trust&rsquo;s purchase or sale of ether will be held in an omnibus account in the Prime
Execution Agent&rsquo;s name for the benefit of (&ldquo;FBO&rdquo;) its customers at each of multiple FDIC-insured banks (an &ldquo;FBO
Account&rdquo;), or in a Money Market Fund. The amount of Trust cash held at each FBO Account shall be in an amount at each bank
that is the lower of (i) the FDIC insurance limit for deposit insurance and (ii) any bank-specific limit set by the Prime Execution
Agent for the applicable bank. Deposit insurance does not apply to cash held in a Money Market Fund. The Prime Execution Agent
has agreed to title the accounts in a manner designed to enable receipt of FDIC deposit insurance where applicable on a pass-through
basis, but does not guarantee that pass-through insurance will apply since such insurance is dependent on the compliance of the
bank. Second, to the extent the Trust&rsquo;s cash in the Trading Balance in aggregate exceeds the amounts that can be maintained
at the banks on the foregoing basis, the Prime Execution Agent has represented that it currently conducts an overnight sweep of
the excess into U.S. government money market funds. The Sponsor has not independently verified the Prime Execution Agent&rsquo;s
representations. To the extent that the Prime Execution Agent faces difficulty establishing or maintaining banking relationships,
the loss of the Prime Execution Agent&rsquo;s banking partners or the imposition of operational restrictions by these banking
partners and the inability for the Prime Execution Agent to utilize other financial institutions may result in a disruption of
creation and redemption activity of the Trust, or cause other operational disruptions or adverse effects for the Trust. In the
future, it is possible that the Prime Execution Agent could be unable to establish accounts at new banking partners or establish
new banking relationships, or that the banks with which the Prime Execution Agent is able to establish relationships may not be
as large or well-capitalized or subject to the same degree of prudential supervision as the existing providers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust could also suffer losses in the event that a bank in which the Prime Execution Agent holds customer cash, including the
cash associated with the Trust&rsquo;s Trading Balance (which is used by the Prime Execution Agent to move cash flows associated
with the Trust&rsquo;s orders to sell ether in connection with payment of Trust expenses not assumed by the Sponsor), fails, becomes
insolvent, enters receivership, is taken over by regulators, enters financial distress, or otherwise suffers adverse effects to
its financial condition or operational status. Recently, some banks have experienced financial distress. For example, on March
8, 2023, the California Department of Financial Protection and Innovation (&ldquo;DFPI&rdquo;) announced that Silvergate Bank
had entered voluntary liquidation, and on March 10, 2023, Silicon Valley Bank, (&ldquo;SVB&rdquo;), was closed by the DFPI, which
appointed the FDIC, as receiver. Similarly, on March 12, 2023, the New York Department of Financial Services took possession of
Signature Bank and appointed the FDIC as receiver. A joint statement by the Department of the Treasury, the Federal Reserve and
the FDIC on March 12, 2023, stated that depositors in Signature and SVB will have access to all of their funds, including funds
held in deposit accounts, in excess of the insured amount. On May 1, 2023, First Republic Bank was closed by the California Department
of Financial Protection and Innovation, which appointed the FDIC as receiver. Following a bidding process, the FDIC entered into
a purchase and assumption agreement with JPMorgan Chase Bank, National Association, to acquire the substantial majority of the
assets and assume certain liabilities of First Republic Bank from the FDIC.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Execution Agent has historically maintained banking relationships with Silvergate Bank and Signature Bank. While the Sponsor
does not believe there is a direct risk to the Trust&rsquo;s assets from the failures of Silvergate Bank or Signature Bank, in
the future, changing circumstances and market conditions, some of which may be beyond the Trust&rsquo;s or the Sponsor&rsquo;s
control, could impair the Trust&rsquo;s ability to access the Trust&rsquo;s cash held with the Prime Execution Agent in the Trust&rsquo;s
Trading Balance or associated with the Trust&rsquo;s orders to sell ether in connection with payment of Trust expenses not assumed
by the Sponsor. If the Prime Execution Agent were to experience financial distress or its financial condition is otherwise affected
by the failure of its banking partners, the Prime Execution Agent&rsquo;s ability to provide services to the Trust could be affected.
Moreover, the future failure of a bank at which the Prime Execution Agent maintains customer cash, in the Trust&rsquo;s Trading
Balance associated with the Trust&rsquo;s orders to sell ether in connection with payment of Trust expenses not assumed by the
Sponsor, could result in losses to the Trust, to the extent the balances are not subject to deposit insurance, notwithstanding
the regulatory requirements to which the Prime Execution Agent is subject or other potential protections. Although the Prime Execution
Agent has made certain representations to the Sponsor regarding the Prime Execution Agent&rsquo;s maintenance of records in a
manner reasonably designed to qualify for FDIC insurance on a pass-through basis in connection with the accounts in which the
Prime Execution Agent maintains cash on behalf of its customers (including the Trust), there can be no assurance that such pass-through
insurance will ultimately be made available. In addition, the Trust may maintain cash balances with the Prime Execution Agent
that are not insured or are in excess of the FDIC&rsquo;s insurance limits, or which are maintained by the Prime Execution Agent
at Money Market Funds and subject to the attendant risks (e.g., &ldquo;breaking the buck&rdquo;). As a result, the Trust could
suffer losses.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Execution Agent routes orders through Connected Trading Venues in connection with trading services under the Prime Execution
Agreement. The loss or failure of any such Connected Trading Venues may adversely affect the Prime Execution Agent&rsquo;s business
and cause losses for the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with trading services under the Prime Execution Agreement, the Prime Execution Agent routinely routes customer orders
to Connected Trading Venues, which are third-party platforms or other trading venues (including the trading venue operated by
the Prime Execution Agent). In connection with these activities, the Prime Execution Agent may hold ether with such Connected
Trading Venues in order to effect customer orders, including the Trust&rsquo;s orders. However, the Prime Execution Agent has
represented to the Sponsor that no customer cash is held at Connected Trading Venues. If the Prime Execution Agent were to experience
a disruption in the Prime Execution Agent&rsquo;s access to these Connected Trading Venues, the Prime Execution Agent&rsquo;s
trading services under the Prime Execution Agreement could be adversely affected to the extent that the Prime Execution Agent
is limited in its ability to execute order flow for its customers, including the Trust. In addition, while the Prime Execution
Agent has policies and procedures to help mitigate the Prime Execution Agent&rsquo;s risks related to routing orders through third-party
trading venues, if any of these third-party trading venues experience any technical, legal, regulatory or other adverse events,
such as shutdowns, delays, system failures, suspension of withdrawals, illiquidity, insolvency, or loss of customer assets, the
Prime Execution Agent might not be able to fully recover the customer&rsquo;s ether that the Prime Execution Agent has deposited
with these third parties. As a result, the Prime Execution Agent&rsquo;s business, operating results and financial condition could
be adversely affected, potentially resulting in its failure to provide services to the Trust or perform its obligations under
the Prime Execution Agreement, and the Trust could suffer resulting losses or disruptions to its operations. The failure of a
Connected Trading Venue at which the Prime Execution Agent maintains customer ether, including ether associated with the Trust,
could result in losses to the Trust, notwithstanding the regulatory requirements to which the Prime Execution Agent is subject
or other potential protections.</FONT></P>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
loss of confidence or breach of the Ether Custodian may adversely affect the Trust and the value of an investment in the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custody
and security services for the Trust&rsquo;s ether are provided by Coinbase Custody, although the Trust may retain one or more
additional custodians at a later date. Ether held by the Trust may be custodied or secured in different ways (for example, a portion
of the Trust&rsquo;s ether holdings may be custodied by Coinbase Custody and another portion by another third-party custodian).
Over time, the Trust may change the custody or security arrangement for all or a portion of its holdings. The Sponsor will decide
the appropriate custody and arrangements based on, among other factors, the availability of experienced custodians and the Trust&rsquo;s
ability to securely safeguard the ether.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Ether Custody Agreement or Prime Execution Agreement is terminated or the Ether Custodian or Prime Execution Agent fails to
provide services as required, the Sponsor may need to find and appoint a replacement custodian or prime broker, which could pose
a challenge to the safekeeping of the Trust&rsquo;s ether, and the Trust&rsquo;s ability to continue to operate may be adversely
affected.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is dependent on the Ether Custodian, which is Coinbase Custody, and to a lesser extent, the Prime Execution Agent, Coinbase
Inc. to operate. Coinbase Custody performs essential functions in terms of safekeeping the Trust&rsquo;s ether in the Trust Ether
Account, and its affiliate, Coinbase Inc., in its capacity as Prime Execution Agent under the Agent Execution Model. If Coinbase
Custody or Coinbase Inc. fails to perform the functions they perform for the Trust, the Trust may be unable to operate or create
or redeem Baskets, which could force the Trust to liquidate or adversely affect the price of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 22, 2023, the Prime Execution Agent and its parent (such parent, &ldquo;Coinbase Global&rdquo; and together with Coinbase
Inc., the &ldquo;Relevant Coinbase Entities&rdquo;) received a &ldquo;Wells Notice&rdquo; from the SEC staff stating that the
SEC staff made a &ldquo;preliminary determination&rdquo; to recommend that the SEC file an enforcement action against the Relevant
Coinbase Entities alleging violations of the federal securities laws, including the Exchange Act and the 1933 Act. According to
Coinbase Global&rsquo;s public reporting company disclosure, based on discussions with the SEC staff, the Relevant Coinbase Entities
believe these potential enforcement actions would relate to aspects of the Relevant Coinbase Entities&rsquo; Coinbase Prime service,
spot market, staking service Coinbase Earn, and Coinbase Wallet, and the potential civil action may seek injunctive relief, disgorgement,
and civil penalties. On June 6, 2023, the SEC filed a complaint against the Relevant Coinbase Entities in federal district court
in the Southern District of New York, alleging, inter alia: (i) that Coinbase Inc. has violated the Exchange Act by failing to
register with the SEC as a national securities exchange, broker-dealer, and clearing agency, in connection with activities involving
certain identified digital assets that the SEC&rsquo;s complaint alleges are securities, (ii) that Coinbase Inc. has violated
the 1933 Act by failing to register with the SEC the offer and sale of its staking program, and (iii) that Coinbase Global is
jointly and severally liable as a control person under the Exchange Act for Coinbase Inc.&rsquo;s violations of the Exchange Act
to the same extent as Coinbase Inc. The SEC&rsquo;s complaint against the Relevant Coinbase Entities does not allege that ether
is a security nor does it allege that Coinbase Inc&rsquo;s activities involving ether caused the alleged registration violations,
and the Ether Custodian was not named as a defendant. The SEC&rsquo;s complaint seeks a permanent injunction against the Relevant
Coinbase Entities to prevent them from violations of the Exchange Act or 1933 Act, disgorgement, civil monetary penalties, and
such other relief as the court deems appropriate or necessary. Coinbase Inc., as Prime Execution Agent, could be required, as
a result of a judicial determination, or could choose, to restrict or curtail the services it offers, or its financial condition
and ability to provide services to the Trust could be affected. If the Prime Execution Agent were to be required or choose, as
a result of a regulatory action (including, for example, the litigation initiated by the SEC), to restrict or curtail the services
it offers, it could negatively affect the Trust&rsquo;s ability to operate or process creations or redemptions of Baskets, which
could force the Trust to liquidate or adversely affect the price of the Shares. While the Ether Custodian is not named in the
complaint, if Coinbase Global, as the parent of the Ether Custodian, is required, as a result of a judicial determination, or
could choose, to restrict or curtail the services its subsidiaries provide to the Trust, or its financial condition is negatively
affected, it could negatively affect the Trust&rsquo;s ability to operate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternatively,
the Trustee could decide to replace Coinbase Custody as the Ether Custodian with custody of the Trust&rsquo;s ether, pursuant
to the Ether Custody Agreement. Similarly, Coinbase Custody or Coinbase Inc. could terminate services under the Ether Custody
Agreement or the Coinbase Prime Broker Agreement (the &ldquo;Prime Execution Agreement&rdquo;) respectively upon providing the
applicable notice to the Trust for any reason, or immediately for Cause (a &ldquo;Termination for Cause&rdquo; is defined in the
Ether Custody Agreement as (i) the Trust materially breaching any provision of the Ether Custody Agreement; (ii) the Trust becomes
bankrupt or insolvent; or (iii) the Trust fails to pay and settle in full its obligations to Coinbase Custody&rsquo;s affiliate,
the Trade Credit Lender (as defined below), which may, from time to time, provide financing to the Trust in the form of Trade
Credits). Transferring maintenance responsibilities of the Trust Ether Account at the Ether Custodian to another custodian will
likely be complex and could subject the Trust&rsquo;s ether to the risk of loss during the transfer, which could have a negative
impact on the performance of the Shares or result in loss of the Trust&rsquo;s assets. As Prime Execution Agent, Coinbase Inc.
does not guarantee uninterrupted access to the Trading Platform or the services it provides to the Trust as Prime Execution Agent.
Under certain circumstances, Coinbase Inc. is permitted to halt or suspend trading on its trading platform, or impose limits on
the amount or size of, or reject, the Trust&rsquo;s orders, including in the event of, among others, (a) delays, suspension of
operations, failure in performance, or interruption of service that are directly due to a cause or condition beyond the reasonable
control of Coinbase Inc, (b) the Trust has engaged in unlawful or abusive activities or fraud, (c) the acceptance of the Trust&rsquo;s
order would cause the amount of Trade Credits extended to exceed the maximum amount of Trade Credit (as defined below) that the
Trust&rsquo;s agreement with the Trade Credit Lender permits to be outstanding at any one time, or (d) a security or technology
issue occurred and is continuing that results in Coinbase Inc. being unable to provide trading services or accept the Trust&rsquo;s
order, in each case, subject to certain protections for the Trust. Also, if Coinbase Custody or Coinbase Inc. become insolvent,
suffer business failure, cease business operations, default on or fail to perform their obligations under their contractual agreements
with the Trust, or abruptly discontinue the services they provide to the Trust for any reason, the Trust&rsquo;s operations would
be adversely affected.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor may not be able to find a party willing to serve as the custodian of the Trust&rsquo;s ether or as the Trust&rsquo;s prime
execution agent under the same terms as the current Ether Custody Agreement or Prime Execution Agreement or at all. To the extent
that Trustee is not able to find a suitable party willing to serve as the custodian or prime execution agent, the Trustee may
be required to terminate the Trust and liquidate the Trust&rsquo;s ether. In addition, to the extent that the Trustee finds a
suitable party but must enter into a modified Ether Custody Agreement or Prime Execution Agreement that is less favorable for
the Trust, the value of the Shares could be adversely affected. If the Trust is unable to find a replacement prime execution agent,
its operations could be adversely affected.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
Custody serves as the ether custodian and Coinbase Inc. serves as the prime broker for several competing exchange-traded ether
products, which could adversely affect the Trust&rsquo;s operations and ultimately the value of the Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ether Custodian and Prime Execution Agent are both affiliates of Coinbase Global. As of the date hereof, Coinbase Global is the
largest publicly traded cryptoasset company in the world by market capitalization and is also the largest cryptoasset custodian
in the world by assets under custody. By virtue of its leading market position and capabilities, and the relatively limited number
of institutionally-capable providers of cryptoasset brokerage and custody services, Coinbase Custody serves as the ether custodian
and Coinbase Inc. serves as prime broker for several competing exchange-traded ether products. Therefore, Coinbase Global has
a critical role in supporting the U.S. spot ether exchange-traded product ecosystem, and its size and market share creates the
risk that Coinbase Global may fail to properly resource its operations to adequately support all such products that use its services
that could harm the Trust, the Shareholders and the value of the Shares. If the Trust needed to utilize the Agent Execution Model
to buy or sell ether because no Ether Trading Counterparties were willing or able to effectuate the Trust&rsquo;s transactions,
and the Prime Execution Agent were to favor the interests of certain products over others, it could result in inadequate attention
or comparatively unfavorable commercial terms to less favored products, which could adversely affect the Trust&rsquo;s operations
and ultimately the value of the Shares.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor may need to find and appoint a replacement Ether Custodian or Cash Custodian quickly, which could pose a challenge to
the safekeeping of the Trust&rsquo;s ether and cash.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor may need to replace Coinbase Custody as the ether custodian of the Trust&rsquo;s ether or BNY Mellon as the cash custodian
of the Trust&rsquo;s cash and cash equivalents as a result of the insolvency, business failure or interruption, default, failure
to perform, security breach or other problems. Transferring maintenance responsibilities of the Trust&rsquo;s accounts with the
Ether Custodian and/or Cash Custodian to another party will likely be complex and could subject the Trust&rsquo;s ether to the
risk of loss during the transfer, which could have a negative impact on the performance of the Shares or result in loss of the
Trust&rsquo;s assets. The Sponsor may not be able to find a party willing to serve as the Ether Custodian or Cash Custodian under
the same terms as the current Ether Custody Agreement or Cash Custody Agreement, respectively. To the extent that Sponsor is not
able to find a suitable party willing to serve as the Ether Custodian or Cash Custodian, as applicable, the Sponsor may be required
to terminate the Trust and liquidate the Trust&rsquo;s ether. In addition, to the extent that the Sponsor finds a suitable party
but must enter into modified custodial services agreements that cost more, the value of the Shares could be adversely affected.</FONT></P>

<!-- Field: Page; Sequence: 70 -->
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    <!-- Field: /Page -->

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ether Custodian could become insolvent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&rsquo;s assets will be held in one or more accounts maintained for the Trust by the Ether Custodian and Cash Custodian.
The Ether Custodian is not a depository institution as it not insured by the FDIC. The insolvency of the Ether Custodian or of
any broker, custodian bank or clearing corporation used by the Ether Custodian, may result in the loss of all or a substantial
portion of the Trust&rsquo;s assets or in a significant delay in the Trust having access to those assets. Additionally, custody
of digital assets presents inherent and unique risks relating to access, loss, theft and means of recourse in such scenarios.
These risks are applicable to the Trust&rsquo;s use of Coinbase Custody.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
held by the Trust are not subject to FDIC or SIPC protections.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is not a banking institution or otherwise a member of the FDIC or SIPC and, therefore, deposits held with or assets held
by the Trust are not subject to the protections enjoyed by depositors with FDIC or SIPC member institutions. The undivided interests
in the Trust&rsquo;s ether represented by the Shares in the Trust are not insured.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third
parties may infringe upon or otherwise violate intellectual property rights or assert that the Sponsor has infringed or otherwise
violated their intellectual property rights, which may result in significant costs and diverted attention.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is possible that third parties might utilize the Trust&rsquo;s intellectual property or technology, including the use of its business
methods and trademarks, without permission. However, the Trust may not have adequate resources to implement procedures for monitoring
unauthorized uses of their trademarks, proprietary software and other technology. Also, third parties may independently develop
business methods, trademarks or proprietary software and other technology similar to that of the Trust or claim that the Trust
has violated their intellectual property rights, including their copyrights, trademark rights, trade names, trade secrets and
patent rights. As a result, the Trust may have to litigate in the future to protect its trade secrets, determine the validity
and scope of other parties&rsquo; proprietary rights, defend itself against claims that it has infringed or otherwise violated
other parties&rsquo; rights, or defend itself against claims that its rights are invalid. Any litigation of this type, even if
the Trust is successful and regardless of the merits, may result in significant costs, divert its resources from the Trust, or
require it to change its proprietary software and other technology or enter into royalty or licensing agreements.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the increased use of technologies, intentional and unintentional cyber-attacks pose operational and information security risks.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the increased use of technologies such as the internet and the dependence on computer systems to perform necessary business functions,
the Trust is susceptible to operational and information security risks. In general, cyber incidents can result from deliberate
attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems
for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks
may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks
on websites. Cyber security failures or breaches of one or more of the Trust&rsquo;s third-party service providers (including,
but not limited to, the Administrator, Transfer Agent, the Sponsor, the Ether Custodian and the Cash Custodian) have the ability
to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of the Shareholders
to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement
or other compensation costs, and/or additional compliance costs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. The Trust and its Shareholders
could be negatively impacted as a result. While the Trust has established business continuity plans, there are inherent limitations
in such plans.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust faces risks related to the novel coronavirus (COVID-19) outbreak, which could negatively impact the value of the Trust&rsquo;s
holdings and significantly disrupt its operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Health
crises caused by the outbreak of infectious diseases or other public health issues, may exacerbate other pre-existing political,
social, economic, market and financial risks. The impact of any such events, could negatively affect the global economy, as well
as the economies of individual countries or regions, the financial performance of individual companies, sectors and industries,
and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity
of the Shares.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, an outbreak of a respiratory disease designated as COVID-19 was first detected in China in December 2019 and subsequently
spread internationally. The transmission of COVID-19 and efforts to contain its spread resulted in international, national and
local border closings and other significant travel restrictions and disruptions, significant disruptions to business operations,
supply chains and customer activity, event cancellations and restrictions, service cancellations, reductions and other changes,
significant challenges in healthcare service preparation and delivery, and quarantines, as well as general concern and uncertainty
that negatively affected the economic environment. These impacts also caused significant volatility and declines in global financial
markets, including increased volatility and uncertainty in crypto markets, which have caused losses for investors. The emergence
of new COVID variants or other infectious diseases could result in a substantial economic downturn or recession.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the operations of the Trust, the Sponsor and other service providers may be significantly impacted, or even temporarily
or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings
and other factors related to a public health emergency, including its potential adverse impact on the health of any such entity&rsquo;s
personnel. Any disruption of operations could adversely impact the price and liquidity of the Shares, including, without limitation,
the Trust&rsquo;s ability to process orders for Baskets.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa003"></A>Ether,
Ether MARKET AND REGULATION OF ETHER</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section of the prospectus provides a more detailed description of ether, including information about the historical development
of ether, how a person holds ether, how to use ether in transactions, how to trade ether, the &ldquo;spot&rdquo; trading platform
market where ether can be bought, held and sold, the ether over-the-counter (&ldquo;OTC&rdquo;) trading market and <FONT STYLE="color: #231F20">the
proof-of-stake concept</FONT>. In this Ethereum is used to describe the system as a whole that is involved in maintaining the
ledger of ether ownership and facilitating the transfer of ether among parties. When referring to the cryptocurrency of the Ethereum
network, ether is used with a lower case &ldquo;e&rdquo; (except, of course, at the beginning of sentences or paragraph sections,
as below).</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
and the Ethereum network</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
is a digital asset that is created and transmitted through the operations of the peer-to-peer Ethereum network, a network of computers,
known as nodes, that operates on cryptographic computer-code based logic, called a protocol. No single entity owns or operates
the Ethereum network, the infrastructure of which is collectively maintained by a distributed user base, a phenomenon known as
decentralization. Ether is not issued by governments, banks or any other centralized authority. The Ethereum network allows people
to exchange tokens of value, called ether, which are recorded on a public transaction ledger known as the Ethereum blockchain.
Ether can be used to pay for goods and services, including computational power on the Ethereum network, or it can be converted
to fiat currencies, such as the U.S. dollar, at rates determined on digital asset exchanges or in individual end-user-to-end-user
transactions under a barter system.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ethereum network allows users to write and implement computer programs called smart contracts &ndash; that is, general-purpose
code that executes on every computer in the network and can instruct the transmission of information and value based on a sophisticated
set of logical conditions. Using smart contracts, users can create markets, store registries of debts or promises, represent the
ownership of property, move funds in accordance with conditional instructions and create digital assets other than ether on the
Ethereum network. Smart contract operations are executed on the Ethereum blockchain in exchange for payment of ether. The Ethereum
network is one of a number of projects intended to expand blockchain use beyond just a peer-to-peer money system.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ethereum network is commonly understood to be decentralized and does not require governmental authorities or financial institution
intermediaries to create, transmit or determine the value of ether. Rather, following the initial distribution of ether, ether
is created, burned and allocated by the Ethereum network protocol through a process that is currently subject to an issuance and
burn rate as further described under <I>&ldquo;Limits on ether Supply&rdquo;</I> below. The value of ether is determined by the
supply of and demand for ether on the digital asset exchanges or in private end-user-to-end-user transactions. There is no hard
cap which would limit the number of outstanding ether at any one time to a predetermined maximum.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
ether are created and rewarded to the validators of a block in the Ethereum blockchain for verifying transactions. The Ethereum
blockchain is effectively a decentralized database that includes all blocks that have been validated and it is updated to include
new blocks as they are validated. Each ether transaction is broadcast to the Ethereum network and, when included in a block, recorded
in the Ethereum blockchain. As each new block records outstanding ether transactions, and outstanding transactions are settled
and validated through such recording, the Ethereum blockchain represents a complete, transparent and unbroken history of all transactions
of the Ethereum network. For further details, see <I>&ldquo;Creation of New Ether.&rdquo;</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Among
other things, ether is used to pay for transaction fees and computational services (i.e., smart contracts) on the Ethereum network;
users of the Ethereum network pay for the computational power of the machines executing the requested operations with ether. Requiring
payment in ether on the Ethereum network incentivizes developers to write quality applications and increases the efficiency of
the Ethereum network because wasteful code costs more. It also ensures that the Ethereum network remains economically viable by
compensating people for their contributed computational resources.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
in the Ethereum network are held in accounts. Each account, or &ldquo;wallet,&rdquo; is made up of at least two components: a
public address and a private key. An Ethereum private key controls the transfer or &ldquo;spending&rdquo; of ether from its associated
public ether address. An ether &ldquo;wallet&rdquo; is a collection of public Ethereum addresses and their associated private
key(s). This design allows only the owner of ether to send ether, the intended recipient of ether to unlock it, and the validation
of the transaction and ownership to be verified by any third party anywhere in the world.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
certain transactions, fees need to be paid in ether to validators in order to facilitate transactions and execute smart contracts.
EIP-1559 simplified the transaction fee process. Instead of performing complex calculations to estimate the fee that is charged
(&ldquo;gas&rdquo;), users instead pay an algorithmically determined transaction fee set by the protocol itself. Gas price is
often a small fraction of ether, which is denoted in the unit of Gwei (10^9 Gwei = 1 ether). Gas is essential in sustaining the
Ethereum network. It motivates validators to process and verify transactions for a monetary reward. Gas price fluctuates with
supply. Gas has another important function in preventing unintentional waste of energy. Because the coding language for Ethereum
is Turing-complete, there is a possibility of a program running indefinitely, and a transaction can be left consuming a lot of
energy. A gas limit is imposed as the maximum price users are willing to pay to facilitate transactions. When gas runs out, the
program will be terminated, and no additional energy would be used.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ethereum network recently implemented software upgrades and other changes to its protocol, including the adoption of network upgrades
collectively referred to as Serenity, or Ethereum 2.0. Ethereum 2.0 aimed to improve the network&rsquo;s speed, scalability, efficiency,
security, accessibility, and transaction throughput in part by reducing its energy footprint and decreasing transaction times
for the network. As part of Ethereum 2.0, in mid-September 2022, a shift from the proof-of-work to the proof-of-stake model occurred.
Ethereum 2.0 also encompassed the addition of other new features, such as &ldquo;sharding.&rdquo; Sharding is a multi-phase upgrade
to improve Ethereum&rsquo;s scalability and capacity. Shard chains spread the network&rsquo;s load across numerous new chains
splitting the data processing responsibility among many nodes and allowing for parallel processing and validation of transactions.
Sharding makes it easier to run a node by keeping hardware requirements low. A digital asset network&rsquo;s consensus mechanism
is an aspect of its source code, and any failure to properly implement such a change could have a material adverse effect on the
value of ether and the value of the Shares. The move to proof-of-stake may subject Ethereum and ether to new and unexpected vulnerabilities
not applicable to proof-of-work consensus models.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">History
of Ethereum</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ethereum network was originally described in a 2013 white paper by Vitalik Buterin, a programmer involved with bitcoin, with the
goal of creating a peer-to-peer, open-source network enabling users to create so-called decentralized applications powered by
smart contracts, which are general-purpose code that executes on the Ethereum network. By combining the Ethereum blockchain with
a flexible scripting language that is designed to be capable of implementing sophisticated logic and execute a wide variety of
instructions, the Ethereum network was designed to act as a programmable infrastructure layer that would enable users to create
their own rules for ownership, transaction formats and state transition functions that they could build into custom software programs
of their own creation. The formal development of the Ethereum network began through a Swiss firm called Ethereum Switzerland GmbH
(&ldquo;EthSuisse&rdquo;) in conjunction with several other entities. Subsequently, the Ethereum Foundation, a Swiss non-profit
organization, was set up to oversee the protocol&rsquo;s development. The Ethereum network went live on July 30, 2015. Decentralized
applications may be controlled by a single user or small group. See <I>&ldquo;Risk Factors-Risks Related to Digital Assets.&rdquo;
</I>Smart contracts, including those relating to DeFi applications, are a new technology and their ongoing development and operation
may result in problems, which could reduce the demand for ether or cause a wider loss of confidence in the Ethereum network, either
of which could have an adverse impact on the value of ether.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
is the digital asset that powers the Ethereum network and serves as the network&rsquo;s native unit of account that is used to
pay transaction fees to the protocol itself and to validators. Unlike other digital assets, such as bitcoin, which are solely
created through a progressive mining process, 72.0 million ether were created in connection with the launch of the Ethereum network.
For additional information on the initial distribution, see <I>&ldquo;Creation of New Ether.&rdquo;</I> Coinciding with the network
launch, it was decided that EthSuisse would be dissolved, designating the Ethereum Foundation as the sole organization dedicated
to protocol development.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smart
Contracts and Development on the Ethereum Network</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smart
contracts are programs that run on a blockchain that can execute automatically when certain conditions are met. Smart contracts
facilitate the exchange of anything representative of value, such as money, information, property, or voting rights. Using smart
contracts, users can send or receive digital assets, create markets, store registries of debts or promises, represent ownership
of property or a company, move funds in accordance with conditional instructions and create new digital assets, among other actions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development
on the Ethereum network involves building more complex tools on top of smart contracts, such as DApps; organizations that are
autonomous, known as decentralized autonomous organizations (&ldquo;DAOs&rdquo;); and entirely new decentralized networks. For
example, a company that distributes charitable donations on behalf of users could hold donated funds in smart contracts that are
paid to charities only if the charity satisfies certain pre-defined conditions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
the Ethereum network has also been used as a platform for creating new digital assets and conducting their associated initial
coin offerings. As of May 29, 2024, it is believed that a majority of digital assets not issued as the native token on their
own blockchains were built on the Ethereum network, with such assets representing a significant amount of the total market value
of all digital assets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
recently, the Ethereum network has been used for DeFi or open finance platforms, which seek to democratize access to financial
services, such as borrowing, lending, custody, trading, derivatives and insurance, by removing third-party intermediaries. DeFi
can allow users to lend and earn interest on their digital assets, exchange one digital asset for another and create derivative
digital assets such as stablecoins, which are digital assets pegged to a reserve asset such as fiat currency. Over the course
of 2023, between $32.1 billion and $67.1 billion worth of digital assets were locked up as collateral on DeFi platforms on the
Ethereum network.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Ethereum network and other smart contract platforms have been used for creating NFTs. Unlike digital assets native
to smart contract platforms which are fungible and enable the payment of fees for smart contract execution. Instead, NFTs allow
for digital ownership of assets that convey certain rights to other digital or real world assets. This new paradigm allows users
to own rights to other assets through NFTs, which enable users to trade them with others on the Ethereum network. For example,
an NFT may convey rights to a digital asset that exists in an online game or a DApp, and users can trade their NFT in the DApp
or game, and carry them to other digital experiences, creating an entirely new free-market internet-native economy that can be
monetized in the physical world.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
DAO and Ethereum Classic</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2016, the Ethereum network experienced what is referred to as a permanent hard fork that resulted in two different versions
of its blockchain: Ethereum and Ethereum Classic.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2016, a blockchain solutions company known as Slock.it announced the launch of a decentralized autonomous organization,
known as &ldquo;The DAO&rdquo; on the Ethereum network. The DAO was designed as a decentralized crowdfunding model, in which anyone
could contribute ether tokens to The DAO in order to become a voting member and equity stakeholder in the organization. Members
of The DAO could then make proposals about different projects to pursue and put them to a vote. By committing to profitable projects,
members would be rewarded based on the terms of a smart contract and their proportional interest in The DAO. As of May 27, 2016,
$150 million, or approximately 14% of all ether outstanding, was contributed to, and invested in, The DAO.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 17, 2016, an anonymous hacker exploited The DAO smart contract code to syphon approximately $60 million, or 3.6 million ether,
into a segregated account. Upon the news of the breach, the price of ether was quickly cut in half as investors liquidated their
holdings and members of the Ethereum community worked to determine a solution.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the days that followed, several attempts were made to retrieve the stolen funds and secure the Ethereum network. However, it soon
became apparent that direct interference with the protocol (i.e., a hard fork) would be necessary. The argument for the hard fork
was that it would create an entirely new version of the Ethereum blockchain, erasing any record of the theft, and restoring the
stolen funds to their original owners. The counterargument was that it would be antithetical to the core principle of immutability
of the Ethereum blockchain.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
decision over whether or not to hard fork the Ethereum blockchain was put to a vote of Ethereum community members. A majority
of votes were cast in favor of a hard fork. On July 15, 2016, a hard fork specification was implemented by the Ethereum Foundation.
On July 20, 2016, the Ethereum network completed the hard fork, and a new version of the blockchain, without recognition of the
theft, was born.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
believed that after the hard fork the original version of the Ethereum blockchain would dissipate entirely. However, a group of
validators continued to mine the original Ethereum blockchain for philosophical and economic reasons. On July 20, 2016, the original
Ethereum protocol was rebranded as Ethereum Classic, and its native token as ether classic (ETC), preserving the untampered transaction
history (including The DAO theft). Following the hard fork of Ethereum, each holder of ether automatically received an equivalent
number of ETC tokens.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overview
of the Ethereum Network&rsquo;s Operations</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to own, transfer or use ether directly on the Ethereum network on a peer-to-peer basis (as opposed to through an intermediary,
such as a custodian or centralized exchange), a person generally must have internet access to connect to the Ethereum network.
Ether transactions may be made directly between end-users without the need for a third-party intermediary. To prevent the possibility
of double-spending ether, a user must notify the Ethereum network of the transaction by broadcasting the transaction data to its
network peers. The Ethereum network provides confirmation against double-spending by memorializing every peer-to-peer transaction
in the Ethereum blockchain, which is publicly accessible and transparent. This memorialization and verification against double-spending
of peer-to-peer transactions is accomplished through the Ethereum network validation process, which adds &ldquo;blocks&rdquo;
of data, including recent transaction information, to the Ethereum blockchain.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary
of an Ether Transaction</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
&ldquo;transaction request&rdquo; refers to a request to the Ethereum network made by a user, in which the requesting user (the
&ldquo;sender&rdquo;) asks the Ethereum network to send some ether or execute some code. A &ldquo;transaction&rdquo; refers to
a fulfilled transaction request and the associated change in the Ethereum network&rsquo;s state. An Ethereum Client is a software
application that implements the Ethereum network specification and communicates with the Ethereum network. A node is a computer
or other device, such as a mobile phone, running an individual Ethereum Client that is connected to other computers also running
their own Ethereum Clients, which collectively form the Ethereum network. Nodes can be full nodes (meaning they host a local copy
of the entire Ethereum blockchain), or light nodes, which only host a local copy of a sub-portion of the full Ethereum blockchain
with reduced data. Nodes may (but do not have to) be validators, which requires them to download an additional piece of software
in the node&rsquo;s Ethereum Client and stake a certain amount of ether, which is discussed below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
user can broadcast a transaction request to the Ethereum network from a node located on the network. A user can run their own
node, or they can connect to a node operated by others. For the transaction request to actually result in a change to the current
state of the Ethereum network, it must be validated, executed, and &ldquo;committed to the network&rdquo; by another node (specifically,
a validator node). Execution of the transaction request by the validator results in a change to Ethereum network&rsquo;s state
once the transaction is broadcast to all other nodes across the Ethereum network. Transactions can include, for example, sending
ether from one account to another, as discussed below; publishing a new smart contract onto the Ethereum network; or activating
and executing the code of an existing smart contract, in accordance with the terms and conditions specified in the sender&rsquo;s
transaction request.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ethereum blockchain can be thought of as a ledger recording a history of transactions and the balances associated with individual
accounts, each of which has an address on the Ethereum network. An Ethereum network account can be used to store ether. There
are two types of Ethereum accounts: &ldquo;externally owned accounts,&rdquo; which are controlled by a private key, and &ldquo;smart
contract accounts,&rdquo; which are controlled by their own code. Externally owned accounts are controlled by users, do not contain
executable code, and are associated with a unique &ldquo;public key&rdquo; and &ldquo;private key&rdquo; pair, commonly referred
to as a &ldquo;wallet,&rdquo; with the private key being used to execute transactions. Smart contract accounts contain, and are
controlled by, their own executable code: every time the smart contract account receives a transaction from, or is &ldquo;called&rdquo;
by, another user, the smart contract account&rsquo;s code activates, allowing it to read and write to internal storage, send ether,
or perform other operations. Both externally owned accounts and smart contract accounts can be used to send, hold, or receive
ether, and both can interact with other smart contracts. However, only externally owned accounts have the power to initiate transactions;
smart contract accounts can only send transactions of their own after they are first activated or called by another transaction.
An externally owned account is associated with both a public address on the Ethereum network and a private key, while a smart
contract account is only associated with a public address. While a smart contract account does not use a private key to authorize
transactions, including transfers of ether, the developer of a smart contract may hold an &ldquo;admin key&rdquo; to the smart
contract account, or have special access privileges, allowing the developer to make changes to the smart contract, enable or disable
features on the smart contract, or change how the smart contract receives external inputs and data, among others.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
depend on nodes to access the peer-to-peer Ethereum network. Through the node&rsquo;s Ethereum Client, a user&rsquo;s Ethereum
wallet and its associated Ethereum network address enable the user to connect to the Ethereum network and transfer ether to, and
receive ether from, other users, and interact with smart contracts, on a peer-to-peer basis. A user with an externally owned account
can either run their own node (and their own Ethereum Client) and connect that node to their Ethereum wallet, allowing them to
make transactions from their Ethereum wallet on the Ethereum network, or a user&rsquo;s wallet can connect to third-party nodes
operated as a service (e.g., Infura) and access the Ethereum network that way. Multiple accounts can access the Ethereum network
through one node.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
user&rsquo;s Ethereum wallet is associated with a unique &ldquo;public key&rdquo; and &ldquo;private key&rdquo; pair. To receive
ether in a peer-to-peer transaction, the ether recipient must provide its public key to the sender. This activity is analogous
to a recipient for a transaction in U.S. dollars providing a routing address in wire instructions to the payor so that cash may
be wired to the recipient&rsquo;s account. The sender approves the transfer to the address provided by the recipient by &ldquo;signing&rdquo;
a transaction that consists of the recipient&rsquo;s public key with the private key of the address from which the sender is transferring
the ether. The recipient, however, does not make public or provide to the sender the recipient&rsquo;s related private key, only
its public key.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
the recipient nor the sender reveal their private keys in a peer-to-peer transaction, because the private key authorizes transfer
of the funds in that address to other users. Therefore, if a user loses their private key, the user may permanently lose access
to the ether contained in the associated address. Likewise, ether is irretrievably lost if the private key associated with them
is deleted and no backup has been made. When sending ether, a user&rsquo;s Ethereum wallet must sign the transaction with the
sender&rsquo;s associated private key. In addition, since every computation on the Ethereum network requires processing power,
there is a mandatory transaction fee involved with the transfer that is paid by the sender to the Ethereum network itself (&ldquo;base
fee&rdquo;), plus additional transaction fees the sender can elect (or not) to pay at their discretion to the validators who validate
their transaction (&ldquo;tip&rdquo;). The resulting digitally signed transaction is sent by the user&rsquo;s Ethereum wallet,
via a node (whether run by the user or operated by others), to other Ethereum network nodes, who in turn broadcast it on a peer-to-peer
basis to validators to allow transaction confirmation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ethereum
network validators record and confirm transactions when they validate and add blocks of information to the Ethereum blockchain.
Validators operate through nodes whose Ethereum Clients have an extra piece of software that permits the node to perform validation
transactions. In a proof-of-stake consensus protocol like that used by the Ethereum network, validators compete to be randomly
selected to validate transactions. A validator must stake 32 ether to become a validator, which allows them to activate a unique
validator key pair (consisting of a public and private validator key). Each 32 ether that is staked results in issuance of a validator
key pair, meaning that multiple validators can operate through a single validator node (including a validator node operated by
a third party as a service). There are two types of validators, those who propose blocks (&ldquo;proposers&rdquo;) and those who
participate in a committee which approves the block (&ldquo;attesters&rdquo;). Staking more ether (in chunks of 32 ether) can
increase the numerical chances that a given validator will be randomly selected. When a validator is randomly selected by the
protocol&rsquo;s algorithm to propose a block, it creates that block, which includes data relating to (i) the verification of
newly submitted transaction requests submitted by senders and (ii) a reference to the prior block in the Ethereum blockchain to
which the new block is being added. The proposing validator becomes aware of outstanding transaction requests through peer-to-peer
data packet transmission and distribution enforced by the Ethereum protocol rules, which connects the proposer to users who want
transactions recorded. If - once created - the proposing validator&rsquo;s block is confirmed by a committee of randomly selected
attesters, the block is broadcast to the Ethereum network and added to the Ethereum blockchain. Any smart contract code that has
been called by the transaction request is also executed (provided the base fee is paid for the Ethereum network&rsquo;s computational
power associated with executing the code, and up to the amount of the base fee). Upon the addition of a block included in the
Ethereum blockchain, an adjustment to the ether balance in both the sender and recipient&rsquo;s Ethereum network public key will
occur, completing the ether transaction. Once a transaction is confirmed on the Ethereum blockchain, it is irreversible.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a reward for their services in adding the block to the Blockchain, both the proposing validator and the attesting validators receive
newly minted ether from the Ethereum network. If the proposing validator&rsquo;s block is determined to be faulty or to break
protocol rules by the approving validator committee, the proposer is penalized by having their staked ether reduced. Validators
can also be penalized for attesting to transactions that break protocol rules or are inconsistent with the majority of other validators,
or for inactivity or missing attestations that the Ethereum network protocol assigned to them. In extreme cases, a proposing or
attesting validator can be &ldquo;slashed&rdquo;, meaning forcibly ejected by other validators, with their staked ether continuously
drained, potentially up to the loss of their entire stake. In this way, the Ethereum network attempts to reduce double-spend and
other attacks by validators and incentivize validator integrity.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
ether transactions are conducted &ldquo;off-blockchain&rdquo; and are therefore not recorded in the Ethereum blockchain. Some
&ldquo;off-blockchain transactions&rdquo; involve the transfer of control over, or ownership of, a specific digital wallet holding
ether or the reallocation of ownership of certain ether in a pooled-ownership digital wallet, such as a digital wallet owned by
a digital asset exchange. If a transaction can also take place through a centralized digital asset exchange or a custodian&rsquo;s
internal books and records, it is not broadcast to the Ethereum network or recorded on the Ethereum blockchain. In contrast to
on-blockchain transactions, which are publicly recorded on the Ethereum blockchain, information and data regarding off-blockchain
transactions are generally not publicly available. Therefore, off-blockchain transactions are not peer-to-peer ether transactions
in that they do not involve a transaction on the Ethereum network and do not reflect a movement of ether between addresses recorded
in the Ethereum blockchain. For these reasons, off-blockchain transactions are not immutable or irreversible as any such transfer
of ether ownership is not cryptographically protected by the protocol behind the Ethereum network or recorded in, and validated
through, the blockchain mechanism.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 5.75pt; text-align: justify; text-indent: 20.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
has generally exhibited high price volatility relative to more traditional asset classes. One volatility <FONT STYLE="color: #231F20">measure</FONT>,
standard deviation, is based on the variability of historical price returns. A higher standard deviation indicates a wider dispersion
of past price returns and thus greater historical volatility. The table below provides information regarding the price return
of ether and its volatility from March 31, 2021 to March 31, 2024. Standard deviation is annualized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 5.75pt; text-align: justify; text-indent: 20.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-bottom: 6pt">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; padding-left: 3pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; padding-left: 3pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mean
    (Absolute) <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 19%; padding-left: 3pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimum</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 23%; padding-left: 3pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maximum</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 17%; padding-left: 3pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mean
    <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; padding-left: 3pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Standard
    Deviation <SUP>(4)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 0; padding-left: 3pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 0; padding-left: 3pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.78%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 0; padding-left: 3pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.34%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 0; padding-left: 3pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.59%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 0; padding-left: 3pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.14%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 0; padding-left: 3pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78.09%</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></P></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflects
                                         daily price returns determined under the Sponsor&rsquo;s valuation policy for the period
                                         from 4:00 p.m. EST on March 31, 2021 through 4:00 p.m. EST on March 31, 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mean
                                         (Absolute) is the average absolute price return computed by taking the average of daily
                                         (4:00 p.m. EST to 4:00 p.m. EST) absolute price returns of an asset.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mean
                                         is the average price return computed by taking the average of daily (4:00 p.m. EST to
                                         4:00 p.m. EST) price returns of an asset.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Standard
                                         Deviation is the annualized price return volatility computed by taking the standard deviation
                                         of daily (4:00 p.m. EST to 4:00 p.m. EST) price returns for an asset and annualizing
                                         it using a 365-day factor.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ethereum
Markets and Exchanges</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
can be transferred in direct peer-to-peer transactions through the direct sending of ether over the Ethereum blockchain from one
ether address to another. Among end-users, ether can be used to pay other members of the Ethereum network for goods and services
under what resembles a barter system. Consumers can also pay merchants and other commercial businesses for goods or services through
direct peer-to-peer transactions on the Ethereum blockchain or through third-party service providers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to using ether to engage in transactions, investors may purchase and sell ether to speculate as to the value of ether
in the ether market, or as a long-term investment to diversify their portfolio. The value of ether within the market is determined,
in part, by the supply of and demand for ether in the global ether market, market expectations for the adoption of ether as a
store of value, the number of merchants that accept ether as a form of payment, and the volume of peer-to-peer transactions, among
other factors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
spot markets typically permit investors to open accounts with the market and then purchase and sell ether via websites or through
mobile applications. Prices for trades on ether spot markets are typically reported publicly. An investor opening a trading account
must deposit an accepted government-issued currency into their account with the spot market, or a previously acquired digital
asset, before they can purchase or sell assets on the spot market. The process of establishing an account with an ether market
and trading ether is different from, and should not be confused with, the process of users sending ether from one ether address
to another ether address on the Ethereum blockchain. This latter process is an activity that occurs on the Ethereum network, while
the former is an activity that occurs entirely within the order book operated by the spot market. The spot market typically records
the investor&rsquo;s ownership of ether in its internal books and records, rather than on the Ethereum blockchain. The spot market
ordinarily does not transfer ether to the investor on the Ethereum blockchain unless the investor makes a request to the exchange
to withdraw the ether in their exchange account to an off-exchange ether wallet.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outside
of the spot markets, ether can be traded OTC. The OTC market is largely institutional in nature, and OTC market participants generally
consist of institutional entities, such as fi rms that offer two-sided liquidity for ether, investment managers, proprietary trading
fi rms, high-net-worth individuals that trade ether on a proprietary basis, entities with sizeable ether holdings, and family
offices. The OTC market provides a relatively flexible market in terms of quotes, price, quantity, and other factors, although
it tends to involve large blocks of ether. The OTC market has no formal structure and no open-outcry meeting place. Parties engaging
in OTC transactions will agree upon a price &mdash; often via phone or email &mdash; and then one of the two parties will then
initiate the transaction. For example, a seller of ether could initiate the transaction by sending the ether to the buyer&rsquo;s
ether address. The buyer would then wire U.S. dollars to the seller&rsquo;s bank account. OTC trades are sometimes hedged and
eventually settled with concomitant trades on ether spot markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, ether futures and options trading occurs on exchanges in the U.S. regulated by the CFTC. The market for CFTC-regulated
trading of ether derivatives has developed substantially. As of March 28, 2024, regulated ether futures represented approximately
$837 million in notional trading volume on Chicago Mercantile Exchange (&ldquo;CME&rdquo;). Ether futures on the CME traded around
$562 million  per day in the one year ending March 28, 2024 and represented around $546 million in open interest per day. Through the common
membership of the Exchange and the CME Ethereum Futures market in the Intermarket Surveillance Group (&ldquo;ISG&rdquo;), the
Exchange may obtain information regarding trading in the Shares and listed ether derivatives from the CME Ethereum Futures market
via the ISG and from other exchanges who are members or affiliates of the ISG. Such an arrangement with the ISG and the CME Ethereum
Futures market allows for the surveillance of ether futures market conditions and price movements on a real-time and ongoing basis
in order to detect and prevent price distortions, including price distortions caused by manipulative efforts. The sharing of
surveillance information between the Exchange and the CME Ethereum Futures market regarding market trading activity, clearing
activity and customer identity assists in detecting, investigating and deterring fraudulent and manipulative misconduct, as well as
violations of the Exchange&rsquo;s rules and the applicable federal securities laws and rules. The Exchange has also
implemented surveillance procedures to monitor the trading of the Shares on the Exchange during all trading sessions and to deter
and detect violations of Exchange rules and the applicable federal securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed in more detail below, barring the liquidation of the Trust or extraordinary circumstances, the Trust will not directly
purchase or sell ether, although the Trustee may direct the Ether Custodian to sell ether to pay certain expenses. Instead, Authorized
Participants will deliver ether to the Trust&rsquo;s account with the Ether Custodian in exchange for Shares of the Trust, and
the Trust, through the Ether Custodian, will deliver ether to Authorized Participants when those Authorized Participants redeem
Shares.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Creation
of New Ether</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Initial
Creation of Ether</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike
other digital assets, such as bitcoin, which are solely created through a progressive mining process, 72.0 million ether were
created in connection with the launch of the Ethereum network. The initial 72.0 million ether were distributed as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Initial
Distribution</U>: 60.0 million ether, or 83.33% of the supply, was sold to the public in a crowd sale conducted between July and
August 2014 that raised approximately $18 million</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Ethereum
Foundation</U>: 6.0 million ether, or 8.33% of the supply, was distributed to the Ethereum Foundation for operational costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Ethereum
Developers</U>: 3.0 million ether, or 4.17% of the supply, was distributed to developers who contributed to the Ethereum network.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Developer
Purchase Program</U>: 3.0 million ether, or 4.17% of the supply, was distributed to members of the Ethereum Foundation to purchase
at the initial crowd sale price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Following
the launch of the Ethereum network, ether supply initially increased through a progressive validation process. Following the introduction
of EIP-1559, described below, ether supply and issuance rate varies based on factors such as recent use of the network.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231F20; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proof-of-Work
Validation Process</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to September 2022, Ethereum operated using a proof-of-work consensus mechanism. Under proof-of-work, in order to incentivize those
who incurred the computational costs of securing the network by validating transactions, there was a reward given to the computer
(under proof-of-work, validators were known as &ldquo;miners&rdquo;) that was able to create the latest block on the chain. Every
12 seconds, on average, a new block was added to the Ethereum blockchain with the latest transactions processed by the network,
and the miner that generated this block was awarded a variable amount of ether, depending on use of the network at the time. In
certain validation scenarios, ether was sometimes sent to another miner if they were also able to find a solution, but their block
was not included. This is referred to as an &ldquo;uncle/aunt reward.&rdquo; Due to the nature of the algorithm for block generation,
this process (generating a &ldquo;proof-of-work&rdquo;) was guaranteed to be random. Prior to the Merge upgrade, described below,
miners on the Ethereum network engaged in a set of prescribed complex mathematical calculations in order to add a block to the
Ethereum blockchain and thereby confirm ether transactions included in that block&rsquo;s data.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-align: justify; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proof-of-Stake
Process</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">In
the second half of 2020, the Ethereum network began the first of several stages of an upgrade that was initially known as &ldquo;Ethereum
2.0.&rdquo; and eventually became known as the &ldquo;Merge&rdquo; to transition the Ethereum network from a proof-of-work consensus
mechanism to a proof-of-stake consensus mechanism. The Merge was completed on September 15, 2022 and the Ethereum network has
operated on a proof-of-stake model since such time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Unlike
proof-of-work, in which validators expend computational resources to compete to validate transactions and are rewarded coins in
proportion to the amount of computational resources expended, in proof-of-stake, validators risk or &ldquo;stake&rdquo; coins
to compete to be randomly selected to validate transactions and are rewarded coins in proportion to the amount of coins staked.
Any malicious activity, such as validating multiple blocks, disagreeing with the eventual consensus or otherwise violating protocol
rules, results in the forfeiture or &ldquo;slashing&rdquo; of a portion of the staked coins. Proof-of-stake is believed by some
to be more energy efficient and scalable than proof-of-work. Every 12 seconds, approximately, a new block is added to the Ethereum
blockchain with the latest transactions processed by the network, and the validator that generated this block is awarded ether.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limits
on Ether Supply</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">The
rate at which new ether are issued and put into circulation is expected to vary. In September 2022 the Ethereum network converted
from proof-of-work to a new proof-of-stake consensus mechanism. Following the Merge, approximately 1,700 ether are issued per
day, though the issuance rate varies based on the number of validators on the network. In addition, the issuance of new ether
could be partially or completely offset by the burn mechanism introduced by the EIP-1559 modification, under which ether are removed
from supply at a rate that varies with network usage. See <I>&ldquo;Modifications to the Ethereum Protocol.&rdquo;</I> On many
occasions, the ether supply has been deflationary over 24-hour periods as a result of the burn mechanism. The attributes of the
new consensus algorithm are subject to change, but in sum, the new consensus algorithm and related modifications reduced total
new ether issuances and may turn the ether supply deflationary over the long term.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">As
of May 29, 2024, approximately 120.1 million ether were outstanding.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Modifications
to the Ethereum Protocol</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">The
Ethereum network is an open-source project with no official developer or group of developers that controls it. However, historically
the Ethereum network&rsquo;s development has been overseen by the Ethereum Foundation and other core developers. The Ethereum
Foundation and core developers are able to access and alter the Ethereum network source code and, as a result, they are responsible
for quasi-official releases of updates and other changes to the Ethereum network&rsquo;s source code. However, the release of
proposed updates to the Ethereum network&rsquo;s source code by core developers does not guarantee that the updates will be automatically
adopted. Nodes must accept any changes made to the Ethereum source code by choosing to download the proposed modification of the
Ethereum network&rsquo;s source code in their individual Ethereum Client, and ultimately a critical mass (in practice, a substantial
majority) of validators and users - such as DApp and smart contract developers, as well as users of DApps and smart contracts,
and anyone else who transacts on the Ethereum blockchain or Ethereum network - must support the shift, or the upgrades will lack
adoption. A modification of the Ethereum network&rsquo;s source code is only effective with respect to the Ethereum nodes that
download it and modify their Ethereum Clients accordingly, and in practice such decisions are heavily influenced by the preferences
of validators and users. If a modification is accepted only by a percentage of nodes, a division in the Ethereum network will
occur such that one network will run the pre-modification source code and the other network will run the modified source code.
Such a division is known as a &ldquo;fork.&rdquo; See <I>&ldquo;Risk Factors-Risks Related to Digital Assets.&rdquo;</I> A temporary
or permanent &ldquo;fork&rdquo; of the Ethereum blockchain could adversely affect the value of the Shares. Consequently, as a
practical matter, a modification to the source code becomes part of the Ethereum network only if accepted by a sufficiently broad
cross-section of the Ethereum network&rsquo;s participants.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">For
example, in 2019 the Ethereum network completed a network upgrade called Metropolis that was designed to enhance the usability
of the Ethereum network and was introduced in two stages. The first stage, called Byzantium, was implemented in October 2017.
The purpose of Byzantium was to increase the network&rsquo;s privacy, security, and scalability and reduce the block reward for
validators (at that time, validators on the proof-of-work consensus version of Ethereum were known as &ldquo;miners&rdquo;) who
created new blocks in proof-of-work consensus from 5.0 ether to 3.0 ether. The second stage, called Constantinople, was implemented
in February 2019, along with another upgrade, called St. Petersburg. Another network upgrade, called Istanbul, was implemented
in December 2019. The purpose of Istanbul was to make the network more resistant to denial-of-service attacks, enable greater
ether and Zcash interoperability as well as other Equihash-based proof-of-work digital assets, and to increase the scalability
and performance for solutions on zero-knowledge privacy technology like SNARKs and STARKs. The purpose of these upgrades was to
prepare the Ethereum network for the introduction of a proof-of-stake algorithm and reduce the block reward from 3.0 ether to
2.0 ether.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">In
the second half of 2020, the Ethereum network began the first of several stages of an upgrade culminating in the Merge. The Merge
amended the Ethereum network&rsquo;s consensus mechanism to include proof-of-stake, and was intended to address the perceived
shortcomings of the proof-of-work consensus mechanism in terms of labor intensity and duplicative computational effort expended
by validators (known under proof-of-work as miners) who did not win the race, under proof of work, to be the first in time to
solve the cryptographic puzzle that would allow them to be the only validator permitted to validate the block and receive the
resulting block reward (which was only given to the first validator to successfully solve the puzzle and hash a given block, and
not to others).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Following
the Merge, core development of the Ethereum source code has increasingly focused on modifications of the Ethereum protocol to
increase speed, throughput and scalability and also improve existing or next generation uses. Future upgrades to the Ethereum
protocol and Ethereum blockchain to address scaling issues - such as network congestion, slow throughput and periods of high transaction
fees owing to spikes in network demand - have been discussed by network participants, such as sharding. The purpose of sharding,
which has been discussed for years, is to increase scalability of the Ethereum blockchain by splitting the blockchain into subsections,
called shards, and dividing validation responsibility so that a defined subset of validators would be responsible for each shard,
rather than all validators being responsible for the entire blockchain, allowing for parallel processing and validation of transactions.
However, there appears to be uncertainty and a lack of existing widespread consensus among network participants about how to solve
the scaling challenges faced by the Ethereum network.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">The
rapid development of other competing scalability solutions, such as those which would rely on handling the bulk of computational
work relating to transactions or smart contracts and DApps outside of the main Ethereum network and Ethereum blockchain, has caused
alternatives to sharding to emerge. &ldquo;Layer 2&rdquo; is a collective term for solutions which are designed to help increase
throughput and reduce transaction fees by handling or validating transactions off the main Ethereum network (known as &ldquo;Layer
1&rdquo;) and then attempting to take advantage of the perceived security and integrity advantages of the Layer 1 Ethereum network
by uploading the transactions validated on the Layer 2 protocol back to the Layer 1 Ethereum network. The details of how this
is done vary significantly between different Layer 2 technologies and implementations. For example, &ldquo;rollups&rdquo; perform
transaction execution outside the Layer 1 blockchain and then post the data, typically in batches, back to the Layer 1 Ethereum
blockchain where consensus is reached. &ldquo;Zero knowledge rollups&rdquo; are generally designed to run the computation needed
to validate the transactions off-chain, on the Layer 2 protocol, and submit a proof of validity of a batch of transactions (not
the entire transactions themselves). By contrast, &ldquo;optimistic rollups&rdquo; assume transactions are valid by default and
only run computation, via a fraud proof, in the event of a challenge. Other proposed Layer 2 scaling solutions include, among
others, &ldquo;state channels&rdquo;, which are designed to allow participants to run a large number of transactions on the Layer
2 side channel protocol and only submit two transactions to the main Layer 1 Ethereum blockchain (the transaction opening the
state channel, and the transaction closing the channel), &ldquo;side chains&rdquo;, in which an entire Layer 2 blockchain network
with similar capabilities to the existing Layer 1 Ethereum blockchain runs in parallel with the existing Layer 1 Ethereum blockchain
and allows smart contracts and DApps to run on the Layer 2 side chain without burdening the main Layer 1 network, and others.
To date, the Ethereum network community has not coalesced overwhelmingly around any particular Layer 2 solution, though this could
change.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Apart
from solutions designed to address scalability challenges, there have been other upgrades as well. In 2021, the Ethereum network
implemented the EIP-1559 upgrade. EIP-1559 changed the methodology used to calculate the fees paid to validators. EIP 1559 resulted
in the splitting of fees into two components: a base fee and tip. Ether used to pay the base fee as a result of EIP 1559 is removed
from circulation, or &ldquo;burnt,&rdquo; and the tip is paid to validators. EIP-1559 has reduced the total net issuance of ether
fees to validators. Future updates may impact the supply of or demand for ether or its price.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">The
Trust&rsquo;s activities will not directly relate to scalability or upgrade projects, though such projects may potentially increase
demand for ether and the utility of the Ethereum network as a whole. Conversely, if they are unsuccessful or they cause users
or application or smart contract developers to migrate away from the Ethereum blockchain, demand for ether could potentially be
reduced. Also, projects that operate and are built within the Layer 1 Ethereum blockchain and network may increase the data flow
on the Ethereum network and could either &ldquo;bloat&rdquo; the size of the Ethereum blockchain or slow confirmation times.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forms
of Attack Against the Ethereum Network</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">All
networked systems are vulnerable to various kinds of attacks. As with any computer network, the Ethereum network contains certain
flaws. For example, the Ethereum network is currently vulnerable to a &ldquo;51% attack&rdquo; where, if a validator or group
of validators acting in concert were to gain control of more than 50% of the staked ether, a malicious actor would be able to
gain full control of the network and the ability to manipulate the Ethereum blockchain. As of the date of this prospectus, the
top three largest staking pools controlled nearly 50% of the ether staked on the Ethereum network.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">In
addition, many digital asset networks have been subjected to a number of denial of service attacks, which has led to temporary
delays in block creation and in the transfer of Ethereum. Any similar attacks on the Ethereum network that impact the ability
to transfer ether could have a material adverse effect on the price of ether and the value of the Shares. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">This
is not intended as an exhaustive list of all forms of attack against the Ethereum network. For additional information, see the
<I>&ldquo;Risk Factors&rdquo;</I> section of this prospectus.</FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
Participants</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Validators</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
proof-of-stake, validators risk or stake coins to compete to be randomly selected to validate transactions and are rewarded for
performing their responsibilities and behaving in accordance with protocol rules. Any malicious activity, such as validating multiple
blocks, disagreeing with the eventual consensus or otherwise violating protocol rules, results in the penalization or, in extreme
cases, slashing of a portion of the staked coins.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Validators
range from Ethereum enthusiasts to professional operations that design and build dedicated machines and data centers. On the Ethereum
network, a validator must stake 32 ether in order to participate in maintaining the network. When a validator confirms a transaction,
the validator receives fees, including a base fee and a discretionary tip. During the course of ordering transactions and validating
blocks, validators may be able to prioritize certain transactions in return for increased transaction fees, particularly tips,
an incentive system known as &ldquo;Maximal Extractable Value&rdquo; or MEV. For example, in blockchain networks that facilitate
DeFi protocols in particular, such as the Ethereum network, users may attempt to gain an advantage over other users by increasing
offered transaction fees to incentivize validators to give their submitted transaction requests priority. Certain software services,
such as Flashbots, have been developed which facilitate validators in capturing MEV produced by these increased fees.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
and Speculative Sector</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
sector includes the investment and trading activities of both private and professional investors and speculators. Historically,
larger financial services institutions are publicly reported to have limited involvement in investment and trading in digital
assets, although the participation landscape is beginning to change. Currently, there is relatively limited use of digital assets
in the retail and commercial marketplace in comparison to relatively extensive use by speculators, and a significant portion of
demand for digital assets is generated by speculators and investors seeking to profit from the short- or long-term holding of
digital assets.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retail
Sector</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
retail sector includes users transacting in direct peer-to-peer ether transactions through the direct sending of ether over the
Ethereum network. The retail sector also includes transactions in which consumers pay for goods or services from commercial or
service businesses through direct transactions or third-party service providers, although the use of ether as a means of payment
is still developing and has not been accepted in the same manner as bitcoin due to ether&rsquo;s relative nascency and because
ether has a generally different purpose than bitcoin.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service
Sector</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
sector includes companies that provide a variety of services including the buying, selling, payment processing and storing of
ether. For example, Coinbase, Kraken, Bitstamp, Gemini, and LMAX Digital are some of the largest digital asset exchanges by volume
traded. Coinbase Custody Trust Company, LLC, the Custodian for the Trust, is a digital asset custodian that provides custodial
accounts that store ether for users. As the Ethereum network continues to grow in acceptance, it is anticipated that service providers
will expand the currently available range of services and that additional parties will enter the service sector for the Ethereum
network.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Competition</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, more than 8,000 other digital assets, as tracked by CoinMarketCap.com, have been developed since the inception
of bitcoin, which is currently the most developed digital asset because of the length of time it has been in existence, the investment
in the infrastructure that supports it, and the network of individuals and entities that are using bitcoin in transactions. While
ether has enjoyed some success in its limited history, the aggregate value of outstanding ether is smaller than that of bitcoin
and may be eclipsed by the more rapid development of other digital assets. In addition, while ether was the first digital asset
with a network that served as a smart contracts platform, a number of newer digital assets also function as smart contracts platforms,
including Solana, Avalanche and Cardano. Some industry groups are also creating private, permissioned blockchain versions of Ethereum.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
Oversight, Though Increasing, Remains Limited</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
digital assets have grown in both popularity and market size, the U.S. Congress and a number of U.S. federal and state agencies
(including FinCEN, SEC, CFTC, the Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;), the Consumer Financial Protection
Bureau (&ldquo;CFPB&rdquo;), the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation,
the IRS and state financial institution and securities regulators) have been examining the operations of digital asset networks,
digital asset users and the digital asset markets, with particular focus on the extent to which digital assets can be used to
launder the proceeds of illegal activities or fund criminal or terrorist enterprises and the safety and soundness of exchanges
or other service providers that hold or custody digital assets for users. Many of these state and federal agencies have issued
consumer advisories regarding the risks posed by digital assets to investors. President Biden&rsquo;s March 9, 2022 Executive
Order, asserting that technological advances and the rapid growth of the digital asset markets &ldquo;necessitate an evaluation
and alignment of the United States Government approach to digital assets,&rdquo; signals an ongoing focus on digital asset policy
and regulation in the United States. A number of reports issued pursuant to the Executive Order have focused on various risks
related to the digital asset ecosystem, and have recommended additional legislation and regulatory oversight. In addition, federal
and state agencies, and other countries and international bodies have issued rules or guidance about the treatment of digital
asset transactions or requirements for businesses engaged in digital asset activity.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
addition, the SEC, U.S. state securities regulators and several foreign governments have issued warnings and instituted legal
proceedings in which they argue that certain digital assets may be classified as securities and that both those digital assets
and any related initial coin offerings are subject to securities regulations. The outcomes of these proceedings, as well as ongoing
and future regulatory actions may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares or
the ability of the Trust to continue to operate. Additionally, U.S. state and federal, and foreign regulators and legislatures
have taken action against virtual currency businesses or enacted restrictive regimes in response to adverse publicity arising
from hacks, consumer harm, or criminal activity stemming from virtual currency activity.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
CFTC has regulatory jurisdiction over the ether futures markets. In addition, because the CFTC has determined that ether is a
&ldquo;commodity&rdquo; under the CEA and the rules thereunder, it has jurisdiction to prosecute fraud and manipulation in the
cash, or spot, market for ether. The CFTC has pursued enforcement actions relating to fraud and manipulation involving ether and
ether markets. Beyond instances of fraud or manipulation, the CFTC generally does not oversee cash or spot market exchanges or
transactions involving ether that do not use collateral, leverage, or financing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
February 8, 2021, the CME, a designated contract market (&ldquo;DCM&rdquo;) registered with the CFTC launched new contracts for
ether futures products. DCMs are boards of trades (or exchanges) that operate under the regulatory oversight of the CFTC, pursuant
to Section 5 of the Commodity Exchange Act. To obtain and maintain designation as a DCM, an exchange must comply on an initial
and ongoing basis with twenty-three Core Principles established in Section 5(d) of the CEA. Among other things, DCMs are required
to establish self- regulatory programs designed to enforce the DCM&rsquo;s rules, prevent market manipulation and customer and
market abuses, and ensure the recording and safe storage of trade information. The CFTC engaged in a &ldquo;heightened review&rdquo;
of the self-certification of ether futures, which required DCMs to enter direct or indirect information sharing agreements with
spot market platforms to allow access to trade and trader data; monitor data from cash markets with respect to price settlements
and other ether prices more broadly, and identify anomalies and disproportionate moves in the cash markets compared to the futures
markets; engage in inquiries, including at the trade settlement level when necessary; and agree to regular coordination with CFTC
surveillance staff on trade activities, including providing the CFTC surveillance team with trade settlement data upon request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
August 2021, the chair of the SEC stated that he believed investors using digital asset trading platforms are not adequately protected,
and that activities on the platforms can implicate the securities laws, commodities laws and banking laws, raising a number of
issues related to protecting investors and consumers, guarding against illicit activity, and ensuring financial stability. The
chair expressed a need for the SEC to have additional authorities to prevent transactions, products, and platforms from &ldquo;falling
between regulatory cracks,&rdquo; as well as for more resources to protect investors in &ldquo;this growing and volatile sector.&rdquo;
The chair called for federal legislation centering on digital asset trading, lending, and decentralized finance platforms, seeking
&ldquo;additional plenary authority&rdquo; to write rules for digital asset trading and lending. At the same time, the chair has
also stated that the SEC has authority under existing laws to regulate the digital asset sector. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
SEC has also recently proposed amendments to the custody rules under Rule 406(4)-2 of the Investment Advisers Act. The proposed
rule changes would amend the definition of a &ldquo;qualified custodian&rdquo; under Rule 206(4)-2(d)(6) and expand the current
custody rule under Rule 406(4)-2 to cover digital assets and related advisory activities. If enacted as proposed, these rules
would likely impose additional regulatory requirements with respect to the custody and storage of digital assets and could lead
to additional regulatory oversight of the digital asset ecosystem more broadly. In addition, itis possible the market turbulence
in late 2022, which led to the failure of FTX Trading Ltd. (&ldquo;FTX&rdquo;) in November 2022and the resulting market turmoil,
could lead to increased SEC, CFTC, or other governmental investigations, enforcement, and/or other regulatory activity across
the digital asset ecosystem.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Various
foreign jurisdictions have, and may continue to, in the near future, adopt laws, regulations or directives that affect a digital
asset network, the digital asset markets, and their users, particularly digital asset exchanges and service providers that fall
within such jurisdictions&rsquo; regulatory scope. For example:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.35in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">China
                                         has made transacting in cryptocurrencies illegal for Chinese citizens in mainland China,
                                         and additional restrictions may follow. China has banned initial coin offerings and there
                                         have been reports that Chinese regulators have taken action to shut down a number of
                                         China-based digital asset exchanges.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.35in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South
                                         Korea determined to amend its Financial Information Act in March 2020 to require virtual
                                         asset service providers to register and comply with its AML and counter-terrorism funding
                                         framework. These measures also provide the government with the authority to close digital
                                         asset exchanges that do not comply with specified processes. South Korea has also banned
                                         initial coin offerings.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 25pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Reserve Bank of India in April 2018 banned the entities it regulates from providing services
                                         to any individuals or business entities dealing with or settling digital assets. In March
                                         2020, this ban was overturned in the Indian Supreme Court, although the Reserve Bank
                                         of India is currently challenging this ruling.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 25pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         United Kingdom&rsquo;s Financial Conduct Authority published final rules in October 2020
                                         banning the sale of derivatives and exchange traded notes that reference certain types
                                         of digital assets, contending that they are &ldquo;ill-suited&rdquo; to retail investors
                                         citing extreme volatility, valuation challenges and association with financial crime.
                                         A new bill, the Financial Services and Markets Bill (&ldquo;FSMB&rdquo;), has made its
                                         way through the House of Commons and is expected to work through the House of Lords and
                                         become law in 2023. The FSMB would bring digital asset activities within the scope of
                                         existing laws governing financial institutions, markets and assets.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 25pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         European Council of the European Union approved the text of the Markets in Crypto-Assets
                                         Regulation (&ldquo;MiCA&rdquo;) in October 2022, establishing a regulatory framework
                                         for digital asset services across the European Union. MiCA is intended to serve as a
                                         comprehensive regulation of digital asset markets and imposes various obligations on
                                         digital asset issuers and service providers. The main aims of MiCA are industry regulation,
                                         consumer protection, prevention of market abuse and upholding the integrity of digital
                                         asset markets. MiCA is expected to pass the European Parliament in 2023 and come into
                                         effect in 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231F20"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 25pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; padding-right: 2.65pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
                                         remains significant uncertainty regarding foreign governments&rsquo; future actions with
                                         respect to the regulation of digital assets and digital asset exchanges. Such laws, regulations
                                         or directives may conflict with those of the United States and may negatively impact
                                         the acceptance of ether by users, merchants and service providers outside the United
                                         States and may therefore impede the growth or sustainability of the Ethereum ecosystem
                                         in the United States and globally, or otherwise negatively affect the value of ether
                                         held by the Trust.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in; color: #231F20; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effect of any future regulatory change on the Trust or the ether held by the Trust is impossible to predict, but such change could
be substantial and adverse to the Trust and the value of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.9pt 0pt 0; text-indent: 0.5in; color: #231F20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa004"></A>THE
TRUST AND ETHER PRICES</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overview
of the Trust</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&rsquo;s investment objective is to seek to provide exposure to the value of ether held by the Trust, less the expenses of
the Trust&rsquo;s operations. In seeking to achieve its investment objective, the Trust will hold ether and will value its net
assets and the Shares daily based on the Pricing Index. Ether will be the only digital asset held by the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor believes that the Trust will provide a cost-efficient way for investors to implement strategic and tactical asset allocation
strategies that use ether by investing in the Shares rather than purchasing, holding and trading ether directly. The latter alternative
would require an investor to acquire ether by selecting a digital asset trading platform and opening an account or arranging a
private transaction, and initiating a fiat transaction to initiate or settle such acquisition. An investor would then also be
required to custody such ether by selecting a retail or institutional custodial platform or establishing a personal computer or
hardware security module based system capable of transacting directly on the blockchain, and incurring the risk associated with
cybersecurity and maintaining a private key that is irrecoverable if lost, among other difficulties.</FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
and Sale of Ether</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the Trust will conduct creations and redemptions of Shares for cash, it will be responsible for purchasing and selling ether in
connection with those creation and redemption orders. The Trust may also be required to sell ether to pay certain extraordinary,
non-recurring expenses that are not assumed by the Sponsor.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor, on behalf of the Trust, will typically seek to buy and sell ether at a price as close to the Pricing Index as practical.
When choosing between potential counterparties, the Sponsor may consider factors other than simply the most favorable price. However,
the most favorable price will be the predominant factor in determining the counterparty with which the Sponsor effectuates the
contemplated transaction. Other factors that the Sponsor may consider include the size of the proposed order, as well as a counterparty&rsquo;s
execution capabilities, reliability and responsiveness.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&rsquo;s purchase and sale of ether may be conducted pursuant to two models: (i) the &ldquo;Trust-Directed Trade Model&rdquo;;
or the (ii) &ldquo;Agent Execution Model.&rdquo; The Trust intends to utilize the Trust-Directed Trade Model for all purchases
and sales of ether and will only utilize the Agent Execution Model in the event that no Ether Trading Counterparty is able or
willing to effectuate the Trust&rsquo;s purchase or sale of ether.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether
utilizing either the Trust-Directed Trade Model or the Agent Execution Model, the Authorized Participants will deliver only cash
to create Shares and will receive only cash when redeeming Shares. Further, Authorized Participants will not directly or indirectly
purchase, hold, deliver, or receive ether as part of the creation or redemption process or otherwise direct the Trust or a third
party with respect to purchasing, holding, delivering, or receiving ether as part of the creation or redemption process. Additionally,
under both the Trust-Directed Trade Model or the Agent Execution Model, the Trust will create Shares by receiving ether from a
third party that is not the Authorized Participant, and the Sponsor, on behalf of the Trust&mdash;not the Authorized Participant&mdash;is
responsible for selecting the third party to deliver the ether. Further, the third party will not be acting as an agent of the
Authorized Participant with respect to the delivery of the ether to the Trust or acting at the direction of the Authorized Participant
with respect to the delivery of the ether to the Trust. Additionally, the Trust will redeem Shares by delivering ether to a third
party that is not the Authorized Participant and the Sponsor, on behalf of the Trust&mdash;not the Authorized Participant&mdash;is
responsible for selecting the third party to receive the ether. Further, the third party will not be acting as an agent of the
Authorized Participant with respect to the receipt of the ether from the Trust or acting at the direction of the Authorized Participant
with respect to the receipt of the ether from the Trust.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust-Directed
Trade Model</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust-Directed Trade Model, the Sponsor, on behalf of the Trust, is responsible for acquiring ether from an ether trading
counterparty that has been approved by the Sponsor (each, an Ether Trading Counterparty). There is no contractual relationship
between the Trust, the Sponsor or the Ether Trading Counterparties and all transactions will be done on an arms-length basis.
While it is expected and intended that the Ether Trading Counterparties are unaffiliated third-parties it is possible that an
Ether Trading Counterparty may on any given day be or become considered an affiliate of the Trust if it acquires Shares in an
amount that would cause it to become considered an affiliate of the Trust, as the Shares are publicly traded. Ether Trading Counterparties
are not required to have a custody account with the Ether Custodian. When seeking to purchase or sell ether on behalf of the Trust,
the Sponsor will typically seek to buy and sell ether at a price as close to the Pricing Index as practical from any of the approved
Ether Trading Counterparties. Upon notification that the Trust needs to purchase or sell ether, the Sponsor will obtain indicative
prices from multiple Ether Trading Counterparties at which they would be willing to execute the contemplated transaction. The
Sponsor then determines the Ether Trading Counterparty with which it wishes to transact and records the rationale for that determination.
Once agreed upon, the transaction will generally occur on an &ldquo;over-the-counter&rdquo; basis. Transfers of ether to and from
the Trust Ether Account to the Ether Trading Counterparty are &ldquo;on-chain&rdquo; transactions represented on the Ethereum
blockchain. Transfer fees with respect to this on-chain transfer of ether will be paid by the Ether Custodian.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor maintains a process for approving and monitoring Ether Trading Counterparties, which is overseen by the Bitwise Portfolio
Oversight Committee, which is responsible for investment activities and related risk, as well as counterparty risk. All Ether
Trading Counterparties must be approved by the Bitwise Portfolio Oversight Committee before the Sponsor, on behalf of the Trust,
will engage in transactions with the entity. The Bitwise Portfolio Oversight Committee continuously reviews all approved Ether
Trading Counterparties at its quarterly meetings and will reject the approval of any previously approved Ether Trading Counterparty
if new information arises regarding the entity that puts the appropriateness of that entity as an approved ether trading counterparty
in doubt. In considering which Ether Trading Counterparties to approve, the Bitwise Portfolio Oversight Committee has instituted
rigorous policies and procedures that include, but are not limited to, (i) a review of all sanctioned entities, including but
not limited to, the various categories of sanctioned persons and entities identified by the Office of Foreign Assets Control;
(ii) a review of all publicly available information regarding the entity, including a review of all information that has been
filed pursuant to the requirements of U.S. or non-U.S. regulators, with a particular emphasis on the identity of the entity&rsquo;s
owners, disclosure events and reports of disciplinary action; and (iii) a review of the entity&rsquo;s policies and procedures
regarding various topics, including, but not limited to, anti-money laundering and &ldquo;know-your-customer&rdquo; requirements,
trade surveillance, auditing and testing and cybersecurity capabilities.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of May 31, 2024, [___________] and [___________] have been approved as Ether Trading Counterparties.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agent
Execution Model</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that every Ether Trading Counterparty is either unable or unwilling to effectuate the Trust&rsquo;s purchase or sale
of ether, the Sponsor, on behalf of the Trust, may execute the trade using the Agent Execution Model.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Agent Execution Model, the Prime Execution Agent, an affiliate of the Ether Custodian, acting in an agency capacity, conducts
ether purchases and sales on behalf of the Trust with third parties through its Coinbase Prime service pursuant to the Prime Execution
Agreement. To avoid having to pre-fund purchases or sales of ether, the Trust may borrow ether or cash as Trade Credit from the
Trade Credit Lender on a short-term basis pursuant to the Trade Financing Agreement. As the Trust intends to conduct nearly all
purchases and sales of ether pursuant to the Trust-Directed Trade Model, under normal conditions, it expects to keep very little
or no ether in the Trading Balance with the Prime Execution Agent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the case of a purchase of ether, the extension of Trade Credits allows the Trust to purchase ether through the Prime Execution
Agent on the date the Trust wishes to effectuate the transaction (for instance, on the evening of day when an order to create
Shares is received), with such ether being deposited in the Trust&rsquo;s Trading Balance. On the day following a trade when Trade
Credits have been utilized, the Trust uses cash (for instance, from the Authorized Participant who submitted the creation order)
to repay the Trade Credits borrowed from the Trade Credit Lender. The ether purchased by the Trust is then swept from the Trust&rsquo;s
Trading Balance with the Prime Execution Agent to the Trust Ether Account with the Ether Custodian pursuant to a regular end-of-day
sweep process. Transfers of ether into the Trust&rsquo;s Trading Balance are off-chain transactions and transfers from the Trust&rsquo;s
Trading Balance to the Trust Ether Account are &ldquo;on-chain&rdquo; transactions represented on the Ethereum blockchain. Any
financing fee owed to the Trade Credit Lender is deemed part of trade execution costs and embedded in the trade price for each
transaction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the case of a sale of ether, the Trust enters into a transaction to sell ether through the Prime Execution Agent for cash. The
Trust&rsquo;s Trading Balance with the Prime Execution Agent may not be funded with ether on the date the Trust wishes to effectuate
the transaction (for instance, on the evening a day when an order to redeem Shares is received) because the ether remains in the
Trust Ether Account with the Ether Custodian. In those circumstances the Trust may borrow Trade Credits in the form of ether from
the Trade Credit Lender, which allows the Trust to sell ether through the Prime Execution Agent at the desired time, and the cash
proceeds are deposited in the Trust&rsquo;s Trading Balance with the Prime Execution Agent. On the business day following the
trade, the Trust will use the ether that is moved from the Trust Ether Account with the Ether Custodian to the Trading Balance
with the Prime Execution Agent to repay the Trade Credits borrowed from the Trade Credit Lender. Transfers of ether from the Trust
Ether Account to the Trust&rsquo;s Trading Balance are &ldquo;on-chain&rdquo; transactions represented on the Ethereum blockchain.
Any financing fee owed to the Trade Credit Lender is deemed part of trade execution costs and embedded in the trade price for
each transaction.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CME CF Ether &ndash; Dollar Reference Rate &ndash; New York Variant</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
is a globally traded commodity with prices ostensibly quoted on over [200] trading platforms with substantial, if fragmented,
liquidity; nevertheless, there has not appeared to be a single unified reported price for ether on such trading platforms, and
the reported differences on such trading platforms between what ether costs, and what an investor can subsequently sell their
ether holdings, range from a few cents to, at certain points, hundreds of dollars. In designing the Trust, the Sponsor considered
how to accurately price the Trust&rsquo;s NAV, such that said NAV would be reflective of the globally integrated price of ether.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net assets of the Trust and its Shares are valued on a daily basis with reference to the CME CF Ether &ndash; Dollar Reference
Rate &ndash; New York Variant, the Pricing Index, a standardized reference rate published by CF Benchmarks Ltd., the Benchmark
Provider, that is designed to reflect the performance of ether in U.S. dollars. The Pricing Index was created to facilitate financial
products based on ether. It serves as a once-a-day benchmark rate of the U.S. dollar price of ether (USD/ETH), calculated as of
4:00 p.m. ET. The Pricing Index aggregates the trade flow of several major ether trading venues, during an observation window
between 3:00 p.m. and 4:00 p.m. ET into the U.S. dollar price of one ether at 4:00 p.m. ET. The Pricing Index currently uses substantially
the same methodology as the CME CF Ether Reference Rate, the ERR, including utilizing the same constituent ether exchanges, which
is the underlying rate to determine settlement of CME ether futures contracts, except that the Pricing Index is calculated as
of 4:00 p.m. ET, whereas the ERR is calculated as of 4:00 p.m. London time. The Pricing Index, which was introduced on February
28, 2022, is based on materially the same methodology (except calculation time) as the ERR, which was first introduced on June
4, 2018.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Pricing Index is designed based on the IOSCO Principals for Financial Benchmarks. The Trust uses the Pricing Index to calculate
its NAV, which is the aggregate U.S. dollar value of ether in the Trust, based on the Pricing Index, less its liabilities and
expenses. &ldquo;NAV per Share&rdquo; is calculated by dividing NAV by the number of Shares currently outstanding. NAV and NAV
per Share are not measures calculated in accordance with GAAP. NAV is not intended to be a substitute for the Trust&rsquo;s Principal
Market NAV calculated in accordance with GAAP, and NAV per Share is not intended to be a substitute for the Trust&rsquo;s Principal
Market NAV per Share calculated in accordance with GAAP.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor, in its sole discretion, may cause the Trust to price its portfolio based upon an index, benchmark or standard other than
the Pricing Index at any time, with prior notice to the Shareholders, if investment conditions change or the Sponsor believes
that another index, benchmark or standard better aligns with the Trust&rsquo;s investment objective and strategy. The Sponsor
may make this decision for a number of reasons, including, but not limited to, a determination that the Pricing Index price of
ether differs materially from the global market price of ether and/or that third parties are able to purchase and sell ether on
public or private markets not included among the Constituent Platforms, and such transactions may take place at prices materially
higher or lower than the Pricing Index price. The Sponsor, however, is under no obligation whatsoever to make such changes in
any circumstance. In the event that the Sponsor intends to establish the Trust&rsquo;s NAV by reference to an index, benchmark
or standard other than the Pricing Index, it will provide Shareholders with notice in a prospectus supplement and/or through a
current report on Form 8-K or in the Trust&rsquo;s annual or quarterly reports.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pricing
Index Methodology</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Pricing Index is calculated based on the &ldquo;Relevant Transactions&rdquo; (as defined below) of all of its constituent ether
trading venues (the &ldquo;Constituent Platforms&rdquo;) as follows:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         Relevant Transactions are added to a joint list, recording the time of execution, trade
                                         price and size for each transaction.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         list is partitioned by timestamp into 12 equally-sized time intervals of 5 (five) minute
                                         length.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         each partition separately, the volume-weighted median trade price is calculated from
                                         the trade prices and sizes of all Relevant Transactions, i.e., across all Constituent
                                         Platforms. A volume-weighted median differs from a standard median in that a weighting
                                         factor, in this case trade size, is factored into the calculation.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Pricing Index is then determined by the equally-weighted average of the volume medians
                                         of all partitions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of May 29, 2024, the Constituent Platforms included in the Pricing Index are Bitstamp, Coinbase, Gemini, itBit, Kraken,
and LMAX Digital.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Bitstamp:
                                            </I>A U.K.-based exchange registered as an MSB with FinCEN and licensed as a virtual currency
                                            business under the NYDFS BitLicense as well as money transmitter in various U.S. states.
                                            It is also regulated as a Payments Institution within the European Union and is registered
                                            as a Crypto Asset business with the UK FCA.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Coinbase</I>:
                                         A U.S.-based exchange registered as an MSB with FinCEN and licensed as a virtual currency
                                         business under the NYDFS BitLicense as well as a money transmitter in various U.S. states.
                                         Subsidiaries operating internationally are further regulated as an e-money provider (Republic
                                         of Ireland, Central Bank of Ireland) and Major Payment Institution (Singapore, Monetary
                                         Authority of Singapore).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><I>Gemini</I>:
                                            A U.S.-based exchange that is licensed as a virtual currency
                                            business under the NYDFS BitLicense It is also registered with FinCEN as an MSB and is licensed as a money transmitter in various U.S. states.
                                            It is also registered with the FCA
                                            as a Crypto Asset Business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>itbit</I>:
                                         A U.S.-based exchange that is licensed as a virtual currency business under the NYDFS
                                         BitLicense. It is also registered FinCEN as an MSB and is licensed as a money transmitter
                                         in various U.S. states.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Kraken</I>:
                                         A U.S.-based exchange that is registered as an MSB with FinCEN in various U.S. states,
                                         Kraken is registered with the FCA as a Crypto Asset Business and is authorized by the
                                         Central Bank of Ireland as a Virtual Asset Service Provider (&ldquo;VASP&rdquo;). Kraken
                                         also holds a variety of other licenses and regulatory approvals, including from the Canadian
                                         Securities Administrators (&ldquo;CSA&rdquo;).</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>LMAX
                                         Digital</I>: A Gibraltar based exchange regulated by the Gibraltar Financial Services
                                         Commission (&#8223;GFSC&#750;) as a DLT provider for execution and custody services.
                                         LMAX Digital does not hold a BitLicense and is part of LMAX Group, a U.K.-based operator
                                         of a FCA regulated Multilateral Trading Facility and Broker-Dealer.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
oversight function is implemented by the Benchmark Provider in seeking to ensure that the Pricing Index is administered through
the Benchmark Provider&rsquo;s codified policies for index integrity. The Pricing Index is administered through the Benchmark
Provider&rsquo;s codified policies for index integrity, including a conflicts of interest policy, a control framework, an accountability
framework, and an input data policy. It is also subject to the UK BMR regulations, compliance with which regulations has been
subject to a Limited Assurance Audit under the ISAE 3000 standard as of September 12, 2022, which is publicly available.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Pricing Index is subject to oversight by the CME CF Oversight Committee. The CME CF Oversight Committee shall be comprised of
at least five members, including at least: (i) two who are representatives of CME (&ldquo;CME Members&rdquo;); (ii) one who is
a representative of CF Benchmarks Ltd.; and (iii) two who bring expertise and industry knowledge relating to benchmark determination,
issuance and operations. The CME CF Oversight Committee meets no less frequently than quarterly. The CME CF Oversight Committee&rsquo;s
Founding Charter and quarterly meeting minutes are publicly available.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that there are errors or irregularities in the calculation and publication of the Pricing Index, including delayed,
missing data or erroneous data, the Benchmark Provider will apply the &ldquo;Contingency Calculation Rules&rdquo; as it relates
to the Pricing Index that are set forth on the Benchmark Provider&rsquo;s website. Such rules dictate how the Benchmark Provider
will calculate the Pricing Index, depending upon the type of error or irregularity. For instance, in the event that no Relevant
Transaction occurs on a Constituent Platform on a given day, or one or more Relevant Transactions do occur on the Constituent
Platform but cannot be retrieved by the Benchmark Provider, the Constituent Platform is disregarded in the calculation of the
Pricing Index for that day. In addition, all Relevant Transactions are subject to automated screening for erroneous data. Relevant
Transactions that have been flagged as erroneous pursuant to the automated screening and the Contingency Calculation Rules are
disregarded in the calculation of the Pricing Index for a given day. If, for whatever reason, the Benchmark Provider is unable
to calculate and publish the Pricing Index by the stipulated dissemination time, it shall publish a notification on its website
informing Pricing Index users, including the Trust, the calculation and publication has been delayed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the creation of the Pricing Index, there have been several changes to Constituent Platforms comprising the Pricing Index, most
recently in May 2022. Once it has actual knowledge of changes to the Constituent Platforms used to calculate the Pricing Index,
or other material changes to the Pricing Index calculation methodology, the Trust will notify Shareholders in a prospectus supplement
and a current report on Form 8-K or in its annual or quarterly reports.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
trading venue is eligible as a &ldquo;Constituent Platform&rdquo; in any of the CME CF Cryptocurrency Pricing Products if it offers
a market that facilitates the spot trading of the relevant cryptocurrency base asset against the corresponding quote asset, including
markets where the quote asset is made fungible with Accepted Assets (the &ldquo;Relevant Pair&rdquo;) and makes trade data and
order data available through an Automatic Programming Interface (&ldquo;API&rdquo;) with sufficient reliability, detail and timeliness.
The CME CF Oversight Committee considers a trading venue to offer sufficiently reliable, detailed and timely trade data and order
data through an API when: (i) the API for the &ldquo;Constituent Platform&rdquo; does not fall or become unavailable to a degree
that impacts the integrity of the Pricing Index given the frequency of calculation; (ii) the data published is at the resolution
required so that the benchmark can be calculated, with the frequency and dissemination precision required; and (iii) the data
is broadcast and available for retrieval at the required frequency (and not negatively impacted by latency) to allow the methodologies
to be applied as intended.</FONT></P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
it must, in the opinion of the CME CF Oversight Committee, fulfill the following criteria:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         venue&rsquo;s Relevant Pair spot trading volume for an index must meet the minimum thresholds
                                         as detailed below for it to be admitted as a Constituent Platform: The average daily
                                         volume the venue would have contributed during the observation window for the Reference
                                         Rate of the Relevant Pair exceeds 3% for two consecutive calendar quarters.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         venue has policies to ensure fair and transparent market conditions at all times and
                                         has processes in place to identify and impede illegal, unfair or manipulative trading
                                         practices.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         venue does not impose undue barriers to entry or restrictions on market participants,
                                         and utilizing the venue does not expose market participants to undue credit risk, operational
                                         risk, legal risk or other risks.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         venue complies with applicable law and regulation, including, but not limited to, capital
                                         markets regulations, money transmission regulations, client money custody regulations,
                                         KYC and AML regulations.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         venue cooperates with inquiries and investigations of regulators and the Administrator
                                         upon request and must execute data sharing agreements with CME Group. Once admitted,
                                         a Constituent Platform must demonstrate that it continues to fulfill criteria 2 to 5
                                         inclusive. Should the average daily contribution of a Constituent Platform fall below
                                         3% for any Reference Rate, then the continued inclusion of the venue as a Constituent
                                         Platform to the Relevant Pair shall be assessed by the CME CF Oversight Committee.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
a trading venue may be nominated for addition to the list of Constituent Platforms by any member of the public, exchange or the
Oversight Committee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pricing
Index data and the description of the Pricing Index are based on information made publicly available by the Benchmark Provider
on its website at https://www.cfbenchmarks.com. None of the information on the Benchmark Provider&rsquo;s website is incorporated
by reference into this Prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
six Constituent Platforms that contribute transaction data to the Pricing Index with the aggregate volumes traded on their respective
ETH-USD markets over the preceding four calendar quarters are listed in the table below:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
six Constituent Platforms that contribute transaction data to the Pricing Index with the aggregate volumes traded on their respective
ETH-USD markets over the preceding four calendar quarters are listed in the table below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&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="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>Aggregate Trading Volume of ETH-USD Markets of Pricing Index Constituent Platforms</B>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 14%; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 14%; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><B>Period</B>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Bitstamp</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Coinbase</B>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Gemini</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Kraken</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>LMAX Digital</B>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><B>itBit</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2023 Q2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,293,550,435</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$17,585,615,596</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$474,374,742</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$3,977,079,877</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$8,763,948,456</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$159,594,141</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2023 Q3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$857,053,612</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$11,838,341,183</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$287,249,122</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$2,045,557,577</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$4,628,748,864</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$132,796,225</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2023 Q4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$968,419,487</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$19,316,422,895</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$607,223,458</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$4,640,168,895</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$8,080,965,491</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$222,892,407</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">2024 Q1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$2,171,484,832</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$32,536,670,762</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,489,220,134</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$6,123,039,851</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$14,828,671,951</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$563,408,734</FONT></TD></TR>
  </TABLE>

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

<!-- Field: Page; Sequence: 89; Value: 81 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market share for ETH-USD trading of the six Constituent Platforms over the past four calendar quarters is shown in the table below:</FONT>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&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="border-top: Black 1pt solid; border-left: Black 1pt solid; line-height: 12pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center"><B>Ether Trading Platform Market Share of ETH-USD Trading</B>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; border-left: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center"><B>Period</B>&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center"><B>Bitstamp</B></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center"><B>Coinbase</B>&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center"><B>Gemini</B></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center"><B>Kraken</B></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center"><B>LMAX Digital</B>&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; line-height: 12pt; text-align: center"><B>itBit</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; line-height: 12pt">2023 Q2&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">4.01%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">54.52%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">1.47%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">12.33%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">27.17%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">0.49%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; line-height: 12pt">2023 Q3&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">4.33%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">59.82%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">1.45%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">10.34%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">23.39%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">0.67%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; line-height: 12pt">2023 Q4</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">2.86%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">57.09%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">1.79%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">13.71%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">23.88%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">0.66%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; line-height: 12pt">2024 Q1</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">3.76%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">56.38%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">2.58%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">10.61%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">25.69%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; line-height: 12pt; text-align: center">0.98%</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CF
BENCHMARKS LTD. DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR THE TRUST&rsquo;S PRODUCTS. CF BENCHMARKS LTD., ITS
AGENTS AND LICENSORS HAVE NO OTHER CONNECTION TO THE TRUST&rsquo;S PRODUCTS AND SERVICES AND DOES NOT SPONSOR, ENDORSE, RECOMMEND
OR PROMOTE ANY OF THE TRUST&rsquo;S PRODUCTS OR SERVICES. CF BENCHMARKS LTD., ITS AGENTS AND LICENSORS HAVE NO OBLIGATION OR LIABILITY
IN CONNECTION WITH THE TRUST&rsquo;S PRODUCTS AND SERVICES. CF BENCHMARKS LTD., ITS AGENTS AND LICENSORS DO NOT GUARANTEE THE
ACCURACY AND/OR THE COMPLETENESS OF ANY INDEX LICENSED TO THE TRUST AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS,
OR INTERRUPTIONS THEREIN.</B></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust
Structure</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is a statutory trust formed under the Delaware Statutory Trust Act, and the Trust Agreement constitutes the &ldquo;governing
instrument&rdquo; of the Trust under the laws of the State of Delaware relating to statutory trusts. The Trust holds ether and
is expected from time to time to issue Baskets in exchange for deposits of cash and to distribute cash in connection with redemptions
of Baskets. The Trust&rsquo;s investment objective is to seek to provide exposure to the value of ether held by the Trust, less
the expenses of the Trust&rsquo;s operations and other liabilities. In seeking to achieve its investment objective, the Trust
will hold ether and establish its NAV by reference to the Pricing Index.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor believes the Trust&rsquo;s is a straight-forward solution to seek its investment objective. Besides cash received in connection
with purchase orders of Baskets, the Trust&rsquo;s sole asset is expected to be ether held with the Ether Custodian. The Sponsor
believes that the Pricing Index is a representative value for the USD-ETH price of ether, based on the methodology administered
by the Benchmark Provider.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust processes pays its only ordinary expense (the Sponsor Fee) in ether. The Trust will only sell ether (1) in connection with
the redemption of Baskets for cash (2) on an as-needed basis to pay Trust expenses not assumed by the Sponsor, (3) in the event
the Trust terminates and liquidates its assets, or (4) as otherwise required by law or regulation. This restriction provides protections
against potential attempts by bad actors to manipulate the operation of the Trust based on how the Trust calculates its NAV.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
may obtain on a 24-hour basis ether pricing information based on the spot and Ether Futures price for one ether from various financial
information service providers. Current spot prices are also generally available with bid/ask spreads from digital asset trading
platforms, including the Constituent Platforms. Market prices for the Shares are available from a variety of sources including
brokerage firms, information websites and other information service providers. The NAV of the Trust is published by the Sponsor
at the Trust&rsquo;s website (ETHWetf.com) on each day that the Exchange is open for regular trading and is posted on the Trust&rsquo;s
website.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa005"></A>Calculation
of NAV</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
normal circumstances, the Trust&rsquo;s only asset will be ether and, under limited circumstances, cash. The Trust&rsquo;s ether
are carried, for financial statement purposes, at fair value, as required by the U.S. generally accepted accounting principles
(&ldquo;GAAP&rdquo;). The Trust&rsquo;s NAV will be determined by the Administrator once each Exchange trading day at 4:00 p.m.
ET, or as soon thereafter as practicable. The NAV for a normal trading day will be released after 4:00 p.m. ET. Trading during
the core trading session on the Exchange typically closes at 4:00 p.m. ET. However, NAVs are not officially struck until later
in the day (often by 5:30 p.m. and almost always by 8:00 p.m.). The pause between 4:00 p.m. and 5:30 p.m. (or later) provides
an opportunity for the Sponsor to algorithmically detect, flag, investigate, and correct unusual pricing should it occur.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Administrator will calculate the NAV of the Trust by multiplying the number of ether held by the Trust by the Pricing Index for
such day, adding any additional receivables and subtracting the accrued but unpaid expenses and liabilities of the Trust. The
Trust&rsquo;s NAV per Share is calculated by dividing the Trust&rsquo;s NAV by the number of Shares then outstanding. The Administrator
will determine the price of the Trust&rsquo;s ether by reference to the Pricing Index, which is published between 4:00 p.m. and
4:30 p.m. ET on every calendar day. The methodology used to calculate the Pricing Index price to value ether in determining the
NAV of the Trust may not be deemed consistent with GAAP. To the extent the methodology used to calculate the Pricing Index is
deemed inconsistent with GAAP, the Trust will utilize an alternative GAAP-consistent pricing source for purposes of the Trust&rsquo;s
periodic financial statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has the exclusive authority to determine the NAV of the Trust. The Sponsor has delegated to the Administrator the responsibility
to calculate the NAV of the Trust and the NAV, based on a pricing source selected by the Sponsor (the Pricing Index). The Administrator
will determine the NAV of the Trust each business day. In determining the NAV of the Trust, the Administrator values the ether
held by the Trust based on the Pricing Index, unless otherwise determined by the Sponsor in its sole discretion. If the Pricing
Index is not available or the Sponsor in its sole discretion determines that the Pricing Index should not be used, the Trust&rsquo;s
holdings may be fair valued in accordance with the policy approved by the Sponsor. The Sponsor does not anticipate that the need
to &ldquo;fair value&rdquo; ether will be a common occurrence.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ITV will be calculated by using the prior day&rsquo;s closing NAV per Share of the Trust as a base and updating that value throughout
the trading day to reflect changes in the most recently reported price level of the CME Ether Real Time Price. The ITV disseminated
during the Exchange core trading session hours should not be viewed as an actual real time update of the NAV, because per Share
NAV is calculated only once at the end of each trading day based upon the relevant end of day values of the Trust&rsquo;s investments.
The ITV will be disseminated on a per Share basis every 15 seconds during regular Exchange core trading session hours of 9:30
a.m. ET to 4:00 p.m. ET. The Exchange will disseminate the ITV value through the facilities of CTA/CQ High Speed Lines that allow
for high-speed data transmission. In addition, the ITV will be published on the Exchange&rsquo;s website and will be available
through on-line information services such as Bloomberg and Reuters. The ITV (which is based upon the CME Ether Real Time Price)
may differ from the NAV (which is based upon the Pricing Index) due to differences in how the CME Ether Real Time Price and Pricing
Index are calculated. While the Pricing Index is calculated as described in the section above entitled <I>&ldquo;The Trust and
Ether Prices &ndash; The CME CF Ether &ndash; Dollar Reference Rate &ndash; New York Variant,&rdquo;</I> the CME Ether Real Time
Price is calculated once per second, in real time by utilizing the Order Books of ether &ndash; U.S. dollar trading pairs operated
by all Constituent Platforms. An &ldquo;Order Book&rdquo; is a list of buy and sell orders with associated limit prices and sizes
that have not yet been matched, that is reported and disseminated by CF Benchmarks Ltd., as the CME Ether Real Time Price calculation
agent. The Order Books are aggregated into one consolidated order book by the CME Ether Real Time Price calculation agent and
the bid-price volume curve, ask price-volume curve, mid-price volume curve and mid-spread volume curve are calculated. The mid-price
volume curve is the average of the bid price-volume curve (which maps transaction volume to the marginal price per cryptocurrency
unit a seller is required to accept in order to sell this volume to the consolidated order book) and the ask price-volume curve
(which maps a transaction volume to the marginal price per cryptocurrency unit a buyer is required to pay in order to purchase
this volume from the consolidated order book). The mid price-volume curve is weighted by the normalized probability density of
the exponential distribution up to the utilized depth (utilized depth being calculated as the maximum cumulative volume for which
the mid spread-volume curve does not exceed a certain percentage deviation from the mid price). The CME Ether Real Time Price
is then given by the sum of the weighted mid price-volume curve obtained in the previous step.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dissemination
of the ITV provides additional information that is not otherwise available to the public and may be useful to investors and market
professionals in connection with the trading of the Shares on the Exchange. Investors and market professionals will be able throughout
the trading day to compare the market price of the Trust and the ITV. If the market price of the Shares diverges significantly
from the ITV, market professionals will have an incentive to execute arbitrage trades. For example, if the Trust appears to be
trading at a discount compared to the ITV, a market professional could buy the Shares on the Exchange and sell short futures contracts.
Such arbitrage trades can tighten the tracking between the market price of the Trust and the ITV and thus can be beneficial to
all market participants.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor reserves the right to adjust the Share price of the Trust in the future to maintain convenient trading ranges for investors.
Any adjustments would be accomplished through stock splits or reverse stock splits. Such splits would decrease (in the case of
a split) or increase (in the case of a reverse split) the proportionate NAV per Share, but would have no effect on the net assets
of the Trust or the proportionate voting rights of Shareholders or the value of any Shareholder&rsquo;s investment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&rsquo;s periodic financial statements may not utilize the net asset value of the Trust determined by reference to the Pricing
Index to the extent the methodology used to calculate the Pricing Index is deemed not to be consistent with GAAP. The Trust&rsquo;s
periodic financial statements will be prepared in accordance with the Financial Accounting Standards Board (&ldquo;FASB&rdquo;)
Accounting Standards Codification Topic 820, &ldquo;Fair Value Measurements and Disclosures&rdquo; (&ldquo;ASC Topic 820&rdquo;)
and utilize an exchange-traded price from the Trust&rsquo;s principal market for ether on the Trust&rsquo;s financial statement
measurement date. The Sponsor will determine in its sole discretion the valuation sources and policies used to prepare the Trust&rsquo;s
financial statements in accordance with GAAP. The Trust intends to engage a third-party vendor to obtain a price from a principal
market for ether, which will be determined and designated by such third-party vendor daily based on its consideration of several
exchange characteristics, including oversight, and the volume and frequency of trades. Under GAAP, such a price is expected to
be deemed a Level 1 input in accordance with the ASC Topic 820 because it is expected to be a quoted price in active markets for
identical assets or liabilities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
determine which market is the Trust&rsquo;s principal market (or in the absence of a principal market, the most advantageous market)
for purposes of calculating the Trust&rsquo;s financial statements, the Trust follows ASC 820-10, which outlines the application
of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for ether in a current sale,
which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Trust to assume
that ether is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous
market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent,
knowledgeable, and willing and able to transact. The Trust may transact through Ether Trading Counterparties, in multiple markets,
and its application of ASC 820-10 reflects this fact. The Trust anticipates that, while multiple venues and types of markets will
be available to the Ether Trading Counterparties from whom the Sponsor acquires or disposes of the Trust&rsquo;s ether, the principal
market in each scenario is determined by looking at the market-based level of volume and ether trading activity. Ether Trading
Counterparties may transact in a Brokered Market, a Dealer Market, Principal-to-Principal Markets and Exchange Markets, each as
defined in the FASB ASC Master Glossary. Based on information reasonably available to the Trust, Exchange Markets have the greatest
volume and level of activity for the asset. The Trust therefore looks to accessible Exchange Markets as opposed to the Brokered
Market, Dealer Market and Principal-to-Principal Markets to determine its principal market. As a result of the aforementioned
analysis, an Exchange Market has been selected as the Trust&rsquo;s principal market. The Trust determines its principal market
(or in the absence of a principal market the most advantageous market) on a quarterly basis to determine which market is its Principal
Market for the purpose of calculating fair value for the creation of quarterly and annual financial statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
process that the Sponsor has developed for identifying a principal market, as prescribed in ASC 820-10, which outlines the application
of fair value accounting. The process begins by identifying publicly available, well established and reputable ether trading venues
(Exchange Markets, as defined in the FASB ASC Master Glossary), which are selected by the Sponsor and its affiliates in their
sole discretion. Those markets include [Binance, Bitfinex, Bitflyer, Bitstamp, Coinbase Pro, Crypto.com, Gemini, HitBTC, Huobi,
Kraken, KuCoin, OKEx, Poloniex]. The Sponsor then, through a service provider, calculates on each valuation period, the highest
volume venue during the 60 minute period prior to 4:00 ET for ether. The Sponsor then identifies that market as the principal
market for ether during that period, and uses the price for ether from that venue at 4:00 ET as the principal market price.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa006"></A>Additional
Information About The trust</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is a Delaware statutory trust, formed pursuant to the Delaware Statutory Trust Act. The Trust continuously issues common
shares representing units of undivided beneficial ownership of the Trust that may be purchased and sold on the Exchange. The Trust
operates pursuant to the First Amended and Restated Trust Agreement dated as of May 28, 2024. Delaware Trust Company, a Delaware
trust company, is the Delaware trustee of the Trust. The Trust is managed and controlled by the Sponsor. The Sponsor is a limited
liability company formed in the state of Delaware on June 4, 2018.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is passively managed and does not pursue active management investment strategies. Additionally, the Sponsor does not actively
manage the ether held by the Trust. This means that the Sponsor does not sell ether at times when its price is high or acquire
ether at low prices in the expectation of future price increases. It also means that the Sponsor does not make use of any of the
hedging techniques available to professional ether investors to attempt to reduce the risks of losses resulting from price decreases.
The ether held by the Trust will only be delivered to pay its only ordinary expense (the Sponsor Fee) in ether. The Trust will
only sell ether (1) in connection with the redemption of Baskets for cash, (2) on an as-needed basis to pay Trust expenses not
assumed by the Sponsor, (3)&nbsp;in the event the Trust terminates and liquidates its assets, or (4) as otherwise required by
law or regulation. The delivery or sale of ether to pay fees and expenses by the Trust is a taxable event to Shareholders. See
&ldquo;United States Federal Income Tax Consequences.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is not registered as an investment company under the Investment Company Act and the Sponsor believes the Trust is not required
to register under such act. The Trust does not hold or trade in commodity futures contracts, &ldquo;commodity interests&rdquo;
or any other instruments regulated by the Commodity Exchange Act, as administered by the CFTC or National Futures Association.
The Sponsor believes that the Trust is not a commodity pool for purposes of the Commodity Exchange Act, and that neither the Sponsor
nor the Trustee are subject to regulation as a commodity pool operator or a commodity trading adviser in connection with the operation
of the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of outstanding Shares is expected to increase and decrease from time to time as a result of the purchase and redemption
of Baskets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust has no fixed termination date.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&rsquo;s Fees and Expenses</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust will pay the unitary Sponsor Fee of 0.__% per annum of the Trust&rsquo;s ether holdings.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement and Sponsor Agreement.
Except during periods during which all or a portion of the Sponsor Fee is being waived, the Sponsor Fee will accrue daily and
will be payable in ether monthly in arrears. The Administrator will calculate the Sponsor Fee on a daily basis by applying a 0.__%
annualized rate to the Trust&rsquo;s total ether holdings, and the amount of ether payable in respect of each daily accrual shall
be determined by reference to the Pricing Index. The NAV of the Trust is reduced each day by the amount of the Sponsor Fee calculated
each day. On the last day of each month, an amount of ether will be transferred from the Trust Ether Account to the Sponsor Ether
Account equal to the sum of all daily Sponsor Fees accrued for the month in U.S. dollars divided by the Pricing Index on the last
day of the month. The Trust is not responsible for paying any fees or costs associated with the transfer of ether to the Sponsor.
In exchange for the Sponsor Fee, the Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include
the Trustee&rsquo;s monthly fee and out-of-pocket expenses, the fees of the Trust&rsquo;s regular service providers (Cash Custodian,
Ether Custodian, Prime Execution Agent, Marketing Agent, Transfer Agent and Administrator), Exchange listing fees, tax reporting
fees, SEC registration fees, printing and mailing costs, audit fees and up to $500,000 per annum in ordinary legal fees and expenses.
The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of the $500,000 per
annum. The Sponsor will also pay the costs of the Trust&rsquo;s organization.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust may incur certain extraordinary, non-recurring expenses that are not assumed by the Sponsor, including but not limited to,
taxes and governmental charges, any applicable brokerage commissions, financing fees, Ethereum network fees and similar transaction
fees, 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 Shareholders (including, for example, in connection with any fork of the Ethereum blockchain,
any Incidental Rights (as defined below) and any IR Asset (as defined below)), any indemnification of the Cash Custodian, Ether
Custodian, Prime Execution Agent, Transfer Agent, Administrator or other agents, service providers or counterparties of the Trust,
and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory
enforcement or investigation matters.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor Fee in its sole discretion. To the extent not
already disclosed in the prospectus, the Sponsor may notify Shareholders of its intent to commence, or cease, waiving the Sponsor
Fee on the Trust&rsquo;s website, in a prospectus supplement, through a current report on Form 8-K and/or in the Trust&rsquo;s
annual or quarterly reports.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Administrator and/or the Sponsor will direct the Ether Custodian to transfer ether from the Trust Ether Account to the Sponsor
Ether Account to pay the Sponsor Fee and any other Trust expenses not assumed by the Sponsor. To pay for expenses not assumed
by the Sponsor that are denominated in U.S. dollars, the Sponsor, on behalf of the Trust, may sell the Trust&rsquo;s ether as
necessary to pay such expenses. The Sponsor, on behalf of the Trust, will typically seek to buy and sell ether at a price as close
to the Pricing Index as practical. Such sales will be undertaken pursuant to the Trust-Directed Trade Model unless no Ether Trading
Counterparty is willing or able to effectuate the trade. Transfers of ether from the Trust Ether Account to the Sponsor Ether
Account, and from the Sponsor Ether Account to the Ether Trading Counterparty are &ldquo;on-chain&rdquo; transactions represented
on the Ethereum blockchain. Transfer fees with respect to this on-chain transfer of ether will be paid by the Ether Custodian.
The cash proceeds of the sale will be sent to the Sponsor, which will use such proceeds to pay the expenses. Any remaining cash
will be distributed back to the Cash Custodian. To the extent that the Trust must utilize the Agent Execution Model to undertake
ether sales to pay for expenses not assumed by the Sponsor, the Prime Execution Agent, acting in an agency capacity, would conduct
the sale on behalf of the Trust with third parties through its Coinbase Prime service pursuant to the Prime Execution Agreement.
Transfers of ether from the Trust Ether Account to the Trust&rsquo;s Trading Balance in connection with such sales are &ldquo;on-chain&rdquo;
transactions represented on the Ethereum blockchain. Each delivery or sale of ether by the Trust to pay the Sponsor Fee or other
Trust expenses will be a taxable event to Shareholders. See <I>&ldquo;United States Federal Income Tax Consequences.&rdquo;</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust does not engage in any activity designed to derive a profit from changes in the price of ether. Ether not needed to redeem
Baskets, or to cover the Sponsor Fee and Trust expenses not assumed by the Sponsor, is held by the Ether Custodian or Prime Execution
Agent. As a result of the recurring deliveries of ether necessary to pay the Sponsor Fee and potential sales of ether to pay in
cash the Trust expenses not assumed by the Sponsor, the NAV of the Trust and, correspondingly, the amount of ether represented
by each Share will decrease proportionately over the life of the Trust. New deposits of ether, purchased with the cash received
in connection with purchases of Baskets, will not reverse this trend.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of the Trust Agreement, the Trust may make distributions on the Shares in-cash or potentially in-kind.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trust is required to terminate and liquidate, or the Sponsor determines in accordance with the terms of the Trust Agreement
that it is appropriate to terminate and liquidate the Trust, the Sponsor will sell the Trust&rsquo;s ether and will distribute
to the Shareholders any amounts of the cash proceeds of the liquidation remaining after the satisfaction of all outstanding liabilities
of the Trust and the establishment of reserves for applicable taxes, other governmental charges and contingent or future liabilities
as the Sponsor will determine. Under no circumstances will the Trust distribute ether to Shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
<I>&ldquo;Additional Information About the Trust&mdash;Termination of the Trust.&rdquo;</I> Shareholders of record on the record
date fixed by the Transfer Agent for a distribution will be entitled to receive their pro rata portions of any distribution.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incidental
Rights and IR Assets</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Trust may come into possession of rights incident to its ownership of ether, which permit the Trust to acquire,
or otherwise establish dominion and control over, other digital assets. These rights are generally expected to be Forked Assets
that arise in connection with hard forks in the Ethereum blockchain, airdrops offered to holders of ether and digital assets arising
from other similar events without any action of the Trust or of the Sponsor or Trustee on behalf of the Trust. These rights are
referred to as &ldquo;Incidental Rights&rdquo; and any digital assets acquired through Incidental Rights are referred to as &ldquo;IR
Assets.&rdquo; Pursuant to the Trust Agreement, the Trust has explicitly disclaimed all Incidental Rights and IR Assets. Such
assets are not considered assets of the Trust at any point in time and will not be taken into account for purposes of determining
the Trust&rsquo;s NAV and the NAV per Share.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Trust Agreement, to the extent that the Trust involuntarily receives such assets in a Trust wallet, it will, as soon as
practicable, and, if possible, immediately, distribute such assets to the Sponsor. At such time, the Incidental Right(s) and/or
IR Asset(s) will be the property of the Sponsor. Once acquired, the Sponsor, subject a reasonable, good faith determination, may
take any lawful action necessary or desirable in connection with its acquisition of such assets. In the event that the Sponsor
decides to sell the Incidental Right(s) and/or IR Asset(s), it will seek to do so for cash. This may be a sale of the Incidental
Right(s) and/or IR Asset(s) directly in exchange for cash, or in exchange for another digital asset which may subsequently be
exchanged for cash. The Sponsor would then contribute that cash back to the Trust, which in turn would distribute the cash to
the Depository Trust Company (&ldquo;DTC&rdquo;) to be distributed to Shareholders in proportion to the number of Shares owned.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Sponsor intends, if possible, to arrange for the sale of any Incidental Right(s) and/or IR Asset(s) it receives from the Trust
and subsequently contribute such cash proceeds back to the Trust, it is under no obligation to do so. There are likely to be operational,
tax, securities law, regulatory, legal and practical issues that significantly limit, or prevent entirely, the Sponsor&rsquo;s
ability to realize a benefit from any such Incidental Right(s) and/or IR Asset(s). The Sponsor may choose to evaluate any such
fork, airdrop or similar occurrence on a case-by-case basis in consultation with its legal advisors, tax consultants and custodian.
In determining whether to attempt to acquire and/or retain any Incidental Right(s) and/or IR Asset(s), the Sponsor expects to
take into consideration whatever factors it deems relevant in its discretion, including, without limitation:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         availability of a safe and practical way to custody the Incidental Right or IR Asset;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         costs or operational burden of taking possession and/or maintaining ownership of the
                                         Incidental Right or IR Asset and whether such costs or burden exceed the benefits of
                                         owning such Incidental Rights or IR Asset or the proceeds that would be realized from
                                         a sale thereof;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
                                         there are any legal or regulatory restrictions on or risks or consequences arising from,
                                         or tax implications with respect to, the acceptance, retention, ownership, sale, transfer,
                                         abandonment, distribution or disposal or disposition of the Incidental Right or IR Asset,
                                         regardless of whether there is a safe and practical way to custody and secure such Incidental
                                         Right or IR Asset;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         existence of a suitable market into which the Incidental Right or IR Asset may be sold;
                                         and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
                                         claiming, owning, selling, or otherwise taking any action in respect of Incidental Rights
                                         or IR Asset may create legal or regulatory risks, liability, or burdens of any kind for
                                         the Sponsor (including, without limitation, if such Incidental Rights or IR Asset is,
                                         or may be, a security under federal securities laws or a commodity interest under the
                                         Commodity Exchange Act).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor is under no obligation to realize any economic benefit from any Incidental Right(s) and/or IR Asset(s) it receives from
the Trust. The Sponsor may instead determine, in its sole discretion, to abandon such Incidental Rights or IR Assets permanently
and irrevocably for no consideration. Before the Trust claims any Incidental Right(s) and/or IR Asset(s) resulting from a fork
or airdrop in the Ethereum network (other than ether), the Trust would need to seek and obtain certain regulatory approvals, including
an amendment to the Trust&rsquo;s registration statement of which this prospectus is a part and approval of an application by
the Exchange to amend its listing rules.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination
of the Trust</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor will notify Shareholders at least 30 days before the date for termination of the Trust Agreement and the Trust if any
of the following occurs:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
                                         are delisted from the Exchange and are not approved for listing on another national securities
                                         exchange within five business days of their delisting;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         SEC determines that the Trust is an investment company under the Investment Company Act,
                                         and the Sponsor has made the determination that termination of the Trust is advisable;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Trust is determined to be a &ldquo;money services business&rdquo; under the regulations
                                         promulgated by FinCEN under the authority of the Bank Secrecy Act of 1970 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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         U.S. regulator requires the Trust to shut down or forces the Trust to liquidate its ether;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         ongoing event exists that either prevents the Trust from making or makes impractical
                                         the Trust&rsquo;s reasonable efforts to make a fair determination of the price of ether
                                         for purposes of determining the NAV of the Trust;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Trustee 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</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Sponsor elects to terminate the Trust after the Trustee, Administrator or 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Trust may be dissolved at any time for any reason by the Sponsor in its sole discretion. In respect of termination
events that rely on Sponsor determinations to terminate the Trust (<I>e.g.</I>, if the SEC determines that the Trust is an investment
company under the Investment Company Act; the CFTC determines that the Trust is a commodity pool under the Commodity Exchange
Act; 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 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.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 of the Shareholders may propose and approve and who agrees to serve hereunder) shall take full charge of the Trust
Property. 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 DTSA, the affairs of the Trust shall be wound up and all ether owned by the Trust shall be liquidated as
promptly as is consistent with obtaining the fair value thereof and in such a manner so as to effectuate orderly sales and a minimal
market impact. The Liquidating Trustee may thereafter hold the net proceeds of any such sale, together with any other cash then
held by it under this Trust Agreement, uninvested and without liability for interest, for the pro rata benefit of Shareholders
that had not theretofore been redeemed. The Liquidating Trustee shall not be liable for or responsible in any way for depreciation
or loss incurred by reason of any sale or sales made in accordance with the provisions of this Section 8.01. The Liquidating Trustee
may suspend its sales of ether upon the occurrence of unusual or unforeseen circumstances, including, but not limited to, a suspension
in trading of ether or similar market event. Upon receipt of proceeds from the sale of the last ether held hereunder, all proceeds
shall be applied and distributed in the following order of priority:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">pay
                                         to Sponsor from the Trust an amount equal to the sum of (1)&nbsp;any compensation due
                                         it for extraordinary or other services, (2)&nbsp;any advances made but not yet repaid
                                         and (3)&nbsp;reimbursement of any other disbursements as provided herein;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deduct
                                         from the Trust any amounts that the Liquidating Trustee, in its sole discretion, shall
                                         deem necessary or appropriate to pay on behalf of the Trust any applicable taxes or other
                                         governmental charges that may be payable by the Trust and any other contingent or future
                                         liabilities of the Trust; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">distribute
                                         each Shareholder&rsquo;s interest in the remaining assets of the Trust. Such distribution
                                         shall consist of cash. Under no circumstances will the Trust distribute ether to Shareholders.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 DTSA 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.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust Agreement can be amended by the Sponsor in its sole discretion and without the Shareholders&rsquo; consent by making an
amendment, a Trust Agreement supplemental thereto, or an amended and restated trust agreement. Any such restatement, amendment
and/or supplement to the Trust Agreement will be effective on such date as designated by the Sponsor in its sole discretion. However,
any amendment to the Trust Agreement that affects the duties, liabilities, rights or protections of the Trustee will require the
Trustee&rsquo;s prior written consent, which it may grant or withhold in its sole discretion. Every Shareholder, at the time any
amendment so becomes effective, will be deemed, by continuing to hold any Shares or an interest therein, to consent and agree
to such amendment and to be bound by the Trust Agreement as amended thereby. In no event will any amendment impair the right of
Authorized Participants to surrender Baskets and receive therefor the ether Baskets represented thereby (less fees in connection
with the surrender of Shares and any applicable taxes or other governmental charges), except in order to comply with mandatory
provisions of applicable law.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa007"></A>The
Trust&rsquo;s Service Providers</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitwise
Investment Advisers, LLC, as Sponsor, arranged for the creation of the Trust and is responsible for the ongoing registration of
the Shares for their public offering in the U.S. and the listing of Shares on the Exchange. The Sponsor will not exercise day-to-day
oversight over the Trustee, the Custodian, the Administrator, the Transfer Agent or CF Benchmarks Ltd. The Sponsor will develop
a marketing plan for the Trust, will prepare marketing materials regarding the Shares, and will exercise the marketing plan of
the Trust on an ongoing basis.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal office of the Sponsor is 250 Montgomery Street, Suite 200, San Francisco, CA 94104.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officers
of the Sponsor</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a biographical summary of the business experience of each of the officers, directors and other key employees of the
Sponsor:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Hunter
Horsley</I> is the Chief Executive Officer of Bitwise Asset Management, Inc., the parent of the Sponsor, and has served in such
role since October 2016. He serves as President and Treasurer of the Sponsor. Prior to Bitwise, Mr. Horsley was a product manager
at Facebook and Instagram leading efforts in monetization from 2015 to 2016. He graduated from the Wharton School at the University
of Pennsylvania with a Bachelor of Science in Economics in 2015. Mr. Horsley took two years off from school from 2011 to 2013
to be on the founding team of a technology company called Lore (formerly known as CourseKit) to assist in the development of an
online learning tool incorporating social networking features. Lore raised over $6 million in equity, grew to 20 employees, and
was sold to Noodle Education, Inc. in 2013.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Paul
&ldquo;Teddy&rdquo; Fusaro</I> is the President of Bitwise Asset Management and has served in such capacity since January 2021.
Prior to joining Bitwise in April 2018, Mr. Fusaro was Senior Vice President and Head of Portfolio Management and Capital Markets
at IndexIQ, the exchange traded fund unit of New York Life Investment Management, a firm with over $550 billion in AUM. In this
capacity he oversaw portfolio management, trading, and operations for a suite of alternative strategy exchange-traded funds, mutual
funds, and separately managed accounts. Prior to that, from 2009 to 2013, Mr. Fusaro was Vice President of Portfolio Management
and co-head of Trading and Operations at Direxion Investments, a $13 billion alternative exchange-traded fund manager. Earlier
in his career, Mr. Fusaro spent time in both equity derivatives and credit derivatives at Goldman Sachs &amp; Co. Mr. Fusaro is
a graduate of Providence College.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Katherine
Dowling</I> is the General Counsel and Chief Compliance Officer of Bitwise Asset Management and has served in such capacity since
March 2021. She serves as the General Counsel, CCO and Vice President of the Sponsor. Prior to Bitwise, Ms. Dowling was the General
Counsel and Chief Compliance Officer for True Capital Management from 2019 to 2021. Before that, Ms. Dowling was a General Partner,
as well as Chief Operating Officer and Chief Compliance Officer of Luminate Capital Partners, from 2015 to 2018. Prior to 2015,
Ms. Dowling spent over ten years as an Assistant U.S. Attorney, most recently in the Economic Crimes Unit of the U.S. Attorney&rsquo;s
Office for the Northern District of California. Ms. Dowling is an Echols Scholar graduate of the University of Virginia and a
graduate of Harvard Law School.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a biographical summary of the business experience of certain key officers of Bitwise Asset Management, the parent
of the Sponsor:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Matthew
&ldquo;Matt&rdquo; Hougan</I> is the Chief Investment Officer of Bitwise Asset Management and has served in such capacity since
October 2020 after joining Bitwise in February 2018. Prior to Bitwise, Mr. Hougan was the Chief Executive Officer of Inside ETFs
and Managing Director of Global Finance at Informa PLC, a FTSE 100 company. Before that, he was Chief Executive Officer of ETF.com,
a venture-backed start-up that was sold in three separate transactions, with the data business sold to FactSet in 2015, the Events
business sold to Informa in 2015, and the Media business sold to BATS Global Markets in early 2016. Mr. Hougan was also the editor
for nine years of the Journal of Indexes. Mr. Hougan is a three-time member of the Barron&rsquo;s ETF Roundtable and co-author
of the CFA (Chartered Financial Analyst) Institute&rsquo;s monograph on exchange-traded funds. Mr. Hougan is a graduate of Bowdoin
College.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Hong
Kim</I> is the Chief Technology Officer of Bitwise Asset Management and has served in such capacity since Bitwise&rsquo;s inception.
Prior to Bitwise, Mr. Kim worked in cybersecurity for the South Korean Military. He later worked on Google&rsquo;s backend infrastructure
for Drive. Mr. Kim attended the University of Pennsylvania where he graduated with a Bachelor of Science in Computer Science.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware
Trust Company, a Delaware trust company, acts as the trustee of the Trust for the purpose of creating a Delaware statutory trust
in accordance with the Delaware Statutory Trust Act (&ldquo;DSTA&rdquo;). The Trustee is appointed to serve as the trustee of
the Trust in the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the DSTA that the
Trust have at least one trustee with a principal place of business in the State of Delaware.</FONT></P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal address of Delaware Trust Company, as Trustee is 251 Little Falls Drive, Wilmington, DE 19808.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
Duty of Care of Trustee</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee is a fiduciary under the Trust Agreement; provided, however, that the fiduciary duties and responsibilities and liabilities
of the Trustee are limited by, and are only those specifically set forth in, the Trust Agreement.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resignation,
Discharge or Removal of Trustee; Successor Trustees</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee may resign at any time by giving at least 30 days advance written notice to the Sponsor. The Sponsor may remove the Trustee
at any time by giving at least 30 days advance written notice to the Trustee. Upon effective resignation or removal, the Trustee
will be discharged of its duties and obligations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trustee resigns or is removed, the Sponsor, acting on behalf of the Shareholders, is required to use reasonable efforts to
appoint a successor trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the DSTA. 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. If no successor
Trustee shall have been appointed and shall have accepted such appointment within forty-five (45) days after the giving of such
notice of resignation or removal, the Trustee may petition any court of competent jurisdiction for the appointment of a successor
Trustee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Administrator</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust Administration and Accounting Agreement, the Administrator provides necessary administrative, tax and accounting services
and financial reporting for the maintenance and operations of the Trust. In addition, the Administrator makes available the office
space, equipment, personnel and facilities to provide such services.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal address of BNY Mellon, as Administrator, Transfer Agent and Cash Custodian, is 240 Greenwich Street, New York, NY 10286.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Transfer Agent</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Transfer Agent (1) issues and redeems Shares of the Trust; (2) responds to correspondence by Shareholders and others relating
to its duties; (3) maintains Shareholder accounts; and (4) makes periodic reports to the Trust.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ether Custodian</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ether Custodian is responsible for safekeeping the ether owned by the Trust. The Ether Custodian was selected by the Sponsor.
The Ether Custodian has responsibility for opening the Trust Ether Account and facilitating the transfer of ether required for
the operation of the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor may, in its sole discretion, add or terminate ether custodians at any time. The Sponsor may, in its sole discretion, change
the custodian for the Trust&rsquo;s ether holdings, but it will have no obligation whatsoever to do so or to seek any particular
terms for the Trust from other such custodians. However, the Sponsor will only enter into ether custody arrangements with custodians
that meet the Sponsor&rsquo;s criteria, including an agreement to maintain Trust assets in a segregated account, to maintain insurance
and to store the Trust&rsquo;s private keys in cold storage or in such other manner as the Sponsor determines provides reasonable
protection for the Trust&rsquo;s assets from loss or theft.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cash Custodian</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cash Custodian is the custodian for the Trust&rsquo;s cash holdings.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Marketing Agent</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Marketing Agent is responsible for: (1) working with the Transfer Agent to review and approve, or reject, purchase and redemption
orders of Baskets placed by Authorized Participants with the Transfer Agent; and (2) reviewing and approving the marketing materials
prepared by the Trust for compliance with applicable SEC and FINRA advertising laws, rules, and regulations.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa008"></A>Custody
of the Trust&rsquo;s Assets</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust has entered into an agreement with the Ether Custodian, the Ether Custody Agreement, pursuant to which the Ether Custodian
will custody all of the Trust&rsquo;s ether in a segregated account from time to time (the Trust Ether Account), other than the
Trust&rsquo;s ether which is temporarily maintained in the Trading Balance with the Prime Execution Agent as described below in
<I>&ldquo;&mdash;The Prime Execution Agent.&rdquo;</I> The Ether Custodian will keep a substantial portion of the private keys
associated with the Trust&rsquo;s ether in &ldquo;cold storage&rdquo; or similarly secure technology (the &ldquo;Cold Ether Account&rdquo;),
with any remainder of the Trust Ether Account held as a &ldquo;Hot Ether Account.&rdquo; The Sponsor expects that all of the Trust&rsquo;s
assets and private keys will be held in cold storage of the Ether Custodian on an ongoing basis.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custody
of ether typically involves the generation, storage and utilization of private keys. These private keys are used to effect transfer
transactions (<I>i.e.</I>, transfers of ether from an address associated with the private key to another address). Cold storage
of private keys may involve keeping such keys on a non-networked computer or electronic device or storing the private keys on
a storage device or printed medium and deleting the keys from all computers. Cold storage is a safeguarding method with multiple
layers of protections and protocols, by which the private key(s) corresponding to the Trust&rsquo;s ether is (are) generated and
stored in an offline manner. Private keys are generated in offline computers that are not connected to the internet so that they
are resistant to being hacked. By contrast, in hot storage, the private keys are held online, where they are more accessible,
leading to more efficient transfers, though they are potentially more vulnerable to being hacked. While the Ether Custodian will
generally keep all of the Trust&rsquo;s ether in cold storage on an ongoing basis, it is possible that, from time to time, portions
of the Trust&rsquo;s ether will be held outside of cold storage temporarily as part of trade facilitation in connection with creations
and redemptions of Baskets, to sell ether including to pay Trust expenses not assumed by the Sponsor, as necessary. The Trust&rsquo;s
ether held in the Cold Ether Account by the Ether Custodian are held in segregated wallets and therefore are not commingled with
the Ether Custodian&rsquo;s or other customer assets. The private key materials are stored within secure storage facilities within
the U.S. and Europe. For security reasons exact locations are never disclosed. A limited number of employees at the Ether Custodian
are involved in private key management operations, and the Ether Custodian has represented that no single individual has access
to full private keys. The Ether Custodian carefully considers the design of the physical, operational and cryptographic systems
for secure storage of the Trust&rsquo;s private keys in an effort to lower the risk of loss or theft. No such system is perfectly
secure and loss or theft due to operational or other failure is always possible.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ether Custodian&rsquo;s internal audit team performs periodic internal audits over custody operations, and the Ether Custodian
has represented that Systems and Organizational Control attestations covering private key management controls are also performed
on the Ether Custodian by an external provider.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the Ether Custody Agreement, the Sponsor maintains sole discretion in allocating ether among the Hot Ether Account
and Cold Ether Account. Ether custodied by the Ether Custodian is not commingled with assets of Ether Custodian or its affiliates
or with assets of other customers of Ether Custodian. Neither the Trust, the Sponsor, nor any other entity is permitted to lend,
pledge, hypothecate or rehypothecate any of the Trust&rsquo;s ether. The Ether Custodian has also agreed in the Ether Custody
Agreement that it will not, directly or indirectly, lend, pledge, hypothecate or rehypothecate any of the Trust&rsquo;s ether,
and that the Trust&rsquo;s ether assets are not treated as general assets of the Ether Custodian but are instead considered custodial
assets that remain the Trust&rsquo;s property. Additionally, the Ether Custodian has agreed to provide the Trust or its authorized
independent public accountant with confirmation of or access to information sufficient to confirm the ether held by the Ether
Custodian for the Trust and that the Trust&rsquo;s ether is held in a separate, segregated account under the Trust&rsquo;s name.
The Ether Custody Agreement does not require that private key information with respect to the Trust&rsquo;s ether be kept in a
particular physical location.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ether Custodian may receive deposits of ether but may not send ether without use of the corresponding private keys. In order to
send ether when the private keys are kept in cold storage, unsigned transactions must be physically transferred to the offline
cold storage facility and signed using a software/hardware utility with the corresponding offline keys. At that point, the Ether
Custodian can upload the fully signed transaction to an online network and transfer the ether. Because the Ether Custodian may
need to retrieve private keys from offline storage prior to initiating transactions, the initiation or crediting of withdrawals
or other transactions may be delayed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Ether Custody Agreement, the Ether Custodian&rsquo;s liability is limited as follows, among others: (i) other than with respect
to claims and losses arising from spot trading of ether, or fraud or willful misconduct, among others, the Ether Custodian&rsquo;s
aggregate liability under the Ether Custody Agreement shall not exceed the greater of (A)&nbsp;the greater of (x) $5 million and
(y) the aggregate fees paid by the Trust to the Ether Custodian in the 12 months prior to the event giving rise to the Ether Custodian&rsquo;s
liability, and (B) the value of the affected ether or cash giving rise to the Ether Custodian&rsquo;s liability; (ii) the Ether
Custodian&rsquo;s aggregate liability in respect of each cold storage address shall not exceed $100 million; (iii) in respect
of the Ether Custodian&rsquo;s obligations to indemnify the Trust and its affiliates against third party claims and losses to
the extent arising out of or relating to, among others, the Ether Custodian&rsquo;s violation of any law, rule or regulation with
respect to the provision of its services, the Ether Custodian&rsquo;s liability shall not exceed the greater of (A) $5 million
and (B) the aggregate fees paid by the Trust to the Ether Custodian in the 12 months prior to the event giving rise to the Ether
Custodian&rsquo;s liability; and (iv) in respect of any incidental, indirect, special, punitive, consequential or similar losses,
the Ether Custodian is not liable, even if the Ether Custodian has been advised of or knew or should have known of the possibility
thereof. The Ether Custodian is not liable for delays, suspension of operations, failure in performance, or interruption of service
to the extent it is directly due to a cause or condition beyond the reasonable control of the Ether Custodian. Under the Ether
Custody Agreement, except in the case of its negligence, fraud, material violation of applicable law or willful misconduct, the
Ether Custodian shall not have any liability, obligation, or responsibility for any damage or interruptions caused by any computer
viruses, spyware, scareware, Trojan horses, worms or other malware that may affect the Trust&rsquo;s computer or other equipment,
or any phishing, spoofing or other attack, unless the Ether Custodian fails to have commercially reasonable policies, procedures
and technical controls in place to prevent such damages or interruptions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
Global maintains a commercial crime insurance policy, which is intended to cover the loss of client assets held by the Coinbase
Insureds, including from employee collusion or fraud, physical loss including theft, damage of key material, security breach or
hack, and fraudulent transfer. The insurance maintained by the Coinbase Insureds is shared among all of Coinbase&rsquo;s customers,
is not specific to the Trust or to customers holding ether with the Ether Custodian or Prime Execution Agent and may not be available
or sufficient to protect the Trust from all possible losses or sources of losses.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ether Custodian may terminate the Ether Custody Agreement for any reason upon providing the applicable notice to the Trust, or
immediately for Cause (as defined in the Ether Custody Agreement), including, among others, if the Trust: materially breaches
the Prime Execution Agreement and such breach remains uncured, undergoes a bankruptcy event, or fails to repay Trade Credits.
The Ether Custodian may terminate the Ether Custody Agreement for any reason upon providing 180 days&rsquo; notice to the Trust,
or immediately for Cause (as defined below). The Ether Custody Agreement forms a part of the Prime Execution Agreement, and is
subject to the termination provisions in the Prime Execution Agreement. These termination provisions are described in more detail
in <I>&ldquo;&mdash;The Prime Execution Agent&rdquo;</I> below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Transfer Agent will facilitate the settlement of Shares in response to the placement of creation orders and redemption orders
from Authorized Participants. The Trust has entered into the Cash Custody Agreement with BNY Mellon under which BNY Mellon acts
as custodian of the Trust&rsquo;s cash and cash equivalents.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust may engage third-party custodians or vendors besides the Ether Custodian and the Cash Custodian to provide custody and security
services for all or a portion of its ether and/or cash, and the Sponsor will pay the custody fees and any other expenses associated
with any such third-party custodian or vendor. The Sponsor is responsible for overseeing the Ether Custodian and the Trust&rsquo;s
other service providers. The Sponsor may, in its sole discretion, add or terminate ether custodians at any time. The Sponsor may,
in its sole discretion, change the custodian for the Trust&rsquo;s ether holdings, but it will have no obligation whatsoever to
do so or to seek any particular terms for the Trust from other such custodians. However, the Sponsor will only enter into ether
custody arrangements with custodians that meet the Sponsor&rsquo;s criteria, including an agreement to maintain Trust assets in
a segregated account, to maintain insurance and to store the Trust&rsquo;s private keys in cold storage or in such other manner
as the Sponsor determines provides reasonable protection for the Trust&rsquo;s assets from loss or theft.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa009"></A>THE
PRIME EXECUTION AGENT AND THE TRADE CREDIT LENDER</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following section describe the role of the Prime Execution Agent and Trade Credit Lender. These parties will only be utilized
during the rare and limited circumstances when the Trust buys and sells ether using the Agent Execution Model. The Trust intends
to utilize the Trust-Directed Trade Model for all purchases and sales of ether and will only utilize the Agent Execution Model
in the event that no Ether Trading Counterparty is able or willing to effectuate the Trust&rsquo;s purchase or sale of ether.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Execution Agent</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Prime Execution Agreement, the Trust&rsquo;s ether holdings and cash holdings from time to time may be temporarily held
with the Prime Execution Agent, an affiliate of the Ether Custodian, in the Trading Balance, for certain limited purposes, including
in connection with creations and redemptions of Baskets and the sale of ether to pay other Trust expenses not assumed by the Sponsor.
The Sponsor may, in its sole discretion, add or terminate prime execution agents at any time. The Sponsor may, in its sole discretion,
change the prime execution agent for the Trust, but it will have no obligation whatsoever to do so or to seek any particular terms
for the Trust from other such prime execution agents.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
the Trust&rsquo;s Trading Balance, the Prime Execution Agreement provides that the Trust does not have an identifiable claim to
any particular ether (and cash). Instead, the Trust&rsquo;s Trading Balance represents an entitlement to a pro rata share of the
ether (and cash) the Prime Execution Agent holds on behalf of customers who hold similar entitlements against the Prime Execution
Agent. In this way, the Trust&rsquo;s Trading Balance represents an omnibus claim on the Prime Execution Agent&rsquo;s ether (and
cash) held on behalf of the Prime Execution Agent&rsquo;s customers. The Prime Execution Agent holds the ether associated with
customer entitlements across a combination of omnibus cold wallets, omnibus &ldquo;hot wallets&rdquo; (meaning wallets whose private
keys are generated and stored online, in Internet-connected computers or devices) or in omnibus accounts in the Prime Execution
Agent&rsquo;s name on a trading venue (including third-party venues and the Prime Execution Agent&rsquo;s own execution venue)
where the Prime Execution Agent executes orders to buy and sell ether on behalf of its clients.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
such omnibus hot and cold wallets and accounts, the Prime Execution Agent has represented to the Sponsor that it keeps the majority
of assets in cold wallets, to promote security, while the balance of assets is kept in hot wallets to facilitate rapid withdrawals.
However, the Sponsor has no control over, and for security reasons the Prime Execution Agent does not disclose to the Sponsor,
the percentage of ether that the Prime Execution Agent holds for customers holding similar entitlements as the Trust, which are
kept in omnibus cold wallets, as compared to omnibus hot wallets or omnibus accounts in the Prime Execution Agent&rsquo;s name
on a trading venue. The Prime Execution Agent has represented to the Sponsor that the percentage of assets maintained in cold
versus hot storage is determined by ongoing risk analysis and market dynamics, in which the Prime Execution Agent attempts to
balance anticipated liquidity needs for its customers as a class against the anticipated greater security of cold storage.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Execution Agent is not required by the Prime Execution Agreement to hold any of the ether in the Trust&rsquo;s Trading Balance
in cold storage or to hold any such ether in segregation, and neither the Trust nor the Sponsor can control the method by which
the Prime Execution Agent holds the ether credited to the Trust&rsquo;s Trading Balance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Execution Agent relies on bank accounts to provide its trading platform services and including temporarily holding any cash
related to a customer&rsquo;s purchase or sale of ether. In particular, the Prime Execution Agent has disclosed that customer
cash held by the Prime Execution Agent, including the cash associated with the Trust&rsquo;s Trading Balance, is held in one or
more banks&rsquo; accounts for the benefit of the Prime Execution Agent&rsquo;s customers, or in Money Market Funds in compliance
with Rule 2a-7 under the Investment Company Act of 1940 and rated &ldquo;AAA&rdquo; by S&amp;P (or the equivalent from any eligible
rating service), provided that such investments are held in accounts in Coinbase&rsquo;s name for the benefit of customers and
are permitted and held in accordance with state money transmitter laws. The Prime Execution Agent has represented to the Sponsor
that it has implemented the following policy with respect to the cash associated with the Trust&rsquo;s Trading Balance. First
any cash related to the Trust&rsquo;s purchase or sale of ether will be held in an FBO Account or in a Money Market Fund. The
amount of Trust cash held at each FBO Account shall, unless otherwise agreed by the Sponsor in writing, be in an amount at each
bank that is the lower of (i) the FDIC insurance limit for deposit insurance and (ii) any bank-specific limit set by the Prime
Execution Agent for the applicable bank. Deposit insurance does not apply to cash held in a Money Market Fund. The Prime Execution
Agent has agreed to title the accounts in a manner designed to enable receipt of FDIC deposit insurance where applicable on a
pass-through basis. Second, to the extent the Trust&rsquo;s cash in the Trading Balance in aggregate exceeds the amounts that
can be maintained at the banks on the foregoing basis, the Prime Execution Agent has represented that it currently conducts an
overnight sweep of the excess into U.S. government Money Market Funds. The Sponsor has not independently verified the Prime Execution
Agent&rsquo;s representations.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent the Trust sells ether through the Prime Execution Agent, the Trust&rsquo;s orders will be executed at the Connected
Trading Venues that have been approved in accordance with the Prime Execution Agent&rsquo;s due diligence and risk assessment
process. The Prime Execution Agent has represented that its due diligence on Connected Trading Venues include reviews conducted
by the legal, compliance, security, privacy and finance and credit-risk teams, The Connected Trading Venues, which are subject
to change from time to time, currently include Bitstamp, LMAX, Kraken, the exchange operated by the Prime Execution Agent, as
well as four additional non-bank market makers (&ldquo;NBMMs&rdquo;). The Prime Execution Agent has represented to the Trust that
it is unable to name the NBMMs due to confidentiality restrictions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Prime Execution Agreement, the Trust may engage in sales of ether by placing orders with the Prime Execution Agent. The
Prime Execution Agent will route orders placed by the Sponsor through the prime execution agent execution platform (the &ldquo;Trading
Platform&rdquo;) to a Connected Trading Venue where the order will be executed. Each order placed by the Sponsor will be sent,
processed and settled at each Connected Trading Venue to which it is routed. The Prime Execution Agreement provides that the Prime
Execution Agent is subject to certain conflicts of interest, including: (i) the Trust&rsquo;s orders may be routed to the Prime
Execution Agent&rsquo;s own execution venue where the Trust&rsquo;s orders may be executed against other customers of the Prime
Execution Agent or with the Coinbase acting as principal, (ii) the beneficial identity of the counterparty purchaser or seller
with respect to the Trust&rsquo;s orders may be unknown and therefore may inadvertently be another client of the Prime Execution
Agent, (iii) the Prime Execution Agent does not engage in front-running, but is aware of the Trust&rsquo;s orders or imminent
orders and may execute a trade for its own inventory (or the account of an affiliate) while in possession of that knowledge and
(iv) the Prime Execution Agent may act in a principal capacity with respect to certain orders. As a result of these and other
conflicts, when acting as principal, the Prime Execution Agent may have an incentive to favor its own interests and the interests
of its affiliates over the Trust&rsquo;s interests.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the foregoing, and to certain policies and procedures that the Prime Execution Agreement requires the Prime Execution Agent
to have in place to mitigate conflicts of interest when executing the Trust&rsquo;s orders, the Prime Execution Agreement provides
that the Prime Execution Agent shall have no liability, obligation, or responsibility whatsoever for the selection or performance
of any Connected Trading Venue, and that other Connected Trading Venues and/or trading venues not used by Coinbase may offer better
prices and/or lower costs than the Connected Trading Venue used to execute the Trust&rsquo;s orders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
Global maintains a commercial crime insurance policy, which is intended to cover the loss of client assets held by Coinbase Global
and all of its subsidiaries, including the Prime Execution Agent, including from employee collusion or fraud, physical loss including
theft, damage of key material, security breach or hack, and fraudulent transfer. The insurance maintained by the Coinbase Insureds
is shared among all of Coinbase&rsquo;s customers, is not specific to the Trust or to customers holding ether with the Ether Custodian
or Prime Execution Agent and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
the Sponsor places an order to purchase or sell ether on the Trading Platform, the associated ether or cash used to fund or fill
the order, if any, will be placed on hold and will generally not be eligible for other use or withdrawal from the Trust&rsquo;s
Trading Balance. The Trust Ether Account may be used directly to fund orders. With each Connected Trading Venue, the Prime Execution
Agent shall establish an account in the Prime Execution Agent&rsquo;s name, or in its name for the benefit of clients, to trade
on behalf of its clients, including the Trust, and the Trust will not, by virtue of the Trading Balance the Trust maintains with
the Prime Execution Agent, have a direct legal relationship, or account with, any Connected Trading Venue.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Execution Agent is permitted to suspend or terminate the Prime Execution Agreement under certain circumstances. The Prime
Execution Agent, for itself or as agent for the Ether Custodian and Trade Credit Lender, may not terminate the Prime Execution
Agreement (including the Ether Custody Agreement) or suspend, restrict terminate or modify the Prime Execution Agent Services
(as defined below) on less than 180 days&rsquo; notice, except in the event of (i) a Change in Law or (ii) a Cause event (as defined
below).</FONT></P>

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

<!-- Field: Page; Sequence: 103; Value: 81 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Execution Agreement defines a &ldquo;Change in Law&rdquo; as any change in or adoption of any applicable law, rule, or regulation
which, in the reasonable opinion of counsel to the Prime Execution Agent would prohibit or materially impede some or all of the
arrangement contemplated by the Prime Execution Agreement. Upon the occurrence of a Change in Law, the parties will negotiate
to agree on modifications to the Prime Execution Agreement or the Prime Execution Agent Services that would enable compliance
with such Change in Law or, in the case of a material impediment, reduce the impact to the parties of such Change in Law and the
Coinbase Entities shall continue to provide the Prime Execution Agent Services unless prohibited from doing so by the Change in
Law. If the parties cannot agree on modifications within thirty (30) days following notice from the Prime Execution Agent or if
the Change in Law requires that Coinbase immediately ceases providing any Prime Execution Agent Services, the Prime Execution
Agent may, upon written notice, suspend, restrict or terminate the Prime Execution Agent Services solely to the extent necessary
to account for the Change in Law, provided that any such suspension, restriction, termination or modification is narrowly tailored
and, to the extent not prohibited by the Change in Law, the Coinbase Entities will continue to provide, at a minimum, the Transition
Services (as defined below) following any Change in Law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the occurrence and continuation of a Cause event, and after giving effect to any notice requirement and cure period that may apply,
the Prime Execution Agent may in its reasonable discretion, terminate the Prime Execution Agreement and accelerate the Trust&rsquo;s
obligations, and/or take certain other actions. The Prime Execution Agreement defines &ldquo;Cause&rdquo; to mean, (i) a material
breach of the Prime Execution Agreement (other than the Ether Custody Agreement) which is uncured for 10 days; (ii) a material
breach of the Ether Custody Agreement which is uncured for 30 days; (iii) a Bankruptcy Event (as defined below); and (iv) the
failure by the Trust to repay Trade Credits by the applicable deadline specified in the Trade Financing Agreement which, in the
event the failure results solely from an error or omission of an administrative or operational nature, remains uncured for a period
of 1 business day.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
any termination of the Prime Execution Agreement by the Prime Execution Agent for Cause, during any Transition Period (as defined
below) the Coinbase Entities (defined in the Prime Execution Agreement as the Prime Execution Agent, Ether Custodian, and Trade
Credit Lender) or their affiliates shall continue to provide the Transition Services (as defined below) and render such assistance
as the Trust may reasonably request to enable the continuation and orderly assumption of the Transition Services to be effected
by the Trust, its affiliate or any alternative service provider and shall continue to provide the Transition Services pursuant
to the Prime Execution Agreement, except to the extent any Transition Service is prohibited under applicable law (including but
not limited to applicable sanctions programs) or by a facially valid subpoena, court order, or binding order of a government authority;
provided that the Coinbase Entities will continue to have the right to exercise its right of set-off under the Prime Execution
Agreement with respect to any sale proceeds during the Transition Period for any fees or other amounts owed by the Trust and (ii),
notwithstanding any provision in the Prime Execution Agreement to the contrary, in no event shall any Coinbase Entity, its affiliates,
or their respective officers, directors, agents, employees and representatives have any liability to the Trust or Sponsor for
any claims or losses arising out of or relating to the Prime Execution Agreement during (A) with respect to any Transition Services
described in clause (i) of the definition of Transition Services, the 91st day through the end of the Transition Period (as defined
below) and (B) with respect to any Transition Services described in clause (ii) of the definition of Transition Services, the
16th day through the end of the Transition Period, which do not result from its gross negligence, fraud, material violation of
applicable law or willful misconduct; provided that throughout the Transition Period the Coinbase Entities shall act in good faith
and in a commercially reasonable manner to provide the same level of service with respect to the Transition Services as was provided
prior to the start of the Transition Period. For the avoidance of doubt, during the Transition Period, the fees set forth in the
Prime Execution Agreement will continue to apply to the Transition Services.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Transition
Period&rdquo; is defined in the Prime Execution Agreement to mean a 180-day period (or such extended period as agreed in writing
by the Coinbase Entities and the Trust) commencing on the date the Trust is notified of any termination of the Prime Execution
Agreement pursuant to a Cause event.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Transition
Services&rdquo; means the Prime Execution Agent services consisting of (i) the custody of Trust&rsquo;s ether on the Trust&rsquo;s
behalf, the processing of deposits and withdrawals and other custody transactions, and (ii) access to the Prime Execution Agent&rsquo;s
trading platform and the execution and settlement of all orders for the sale of ether submitted by the Trust. For the avoidance
of doubt, the Transition Services shall not include the extension of credit, and the obligation to execute and settle any Orders
for the purchase of Digital Assets.</FONT></P>

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

<!-- Field: Page; Sequence: 104; Value: 81 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Bankruptcy
Event&rdquo; is defined in the Prime Execution Agreement to mean the party is (i) dissolved (other than pursuant to a consolidation,
amalgamation or merger); (ii) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally
to pay its debts as they become due; (iii) makes a general assignment, arrangement or composition with or for the benefit of its
creditors; (iv) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other
relief under any bankruptcy or insolvency law or other similar law affecting creditors&rsquo; rights, or a petition is presented
for its winding-up or liquidation, and in the case of any such proceeding or petition instituted or presented against it, such
proceeding or petition (I) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making
of an order for its winding-up or liquidation or (II) is not dismissed, discharged, stayed or restrained in each case within 30
days of the institution or presentation thereof; (v) has a resolution passed for its winding-up, official management or liquidation
(other than pursuant to a consolidation, amalgamation or merger); (vi) seeks or becomes subject to the appointment of an administrator,
provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially
all its assets; (vii) has a secured party take possession of all or substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and
such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case
within 30 days thereafter; (viii) causes or is subject to any event with respect to it which, under the applicable laws of any
jurisdiction, has an analogous effect to any of the events specified in clauses (i) to (vii) (inclusive); or (ix) takes any action
in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust may terminate the Prime Execution Agreement, including the Ether Custody Agreement, in whole or in part for any reason upon
30 days&rsquo; notice to the Prime Execution Agent, for itself or as agent on behalf of the Ether Custodian or Trade Credit Lender,
or upon a Coinbase Termination Event. The Prime Execution Agreement defines a &ldquo;Coinbase Termination Event&rdquo; to mean
the occurrence and continuance of (i) a Bankruptcy Event with respect to any Coinbase Entity, (ii) the failure of any Coinbase
Entity to sell or withdraw or transfer the Trust&rsquo;s ether in accordance with the Trust&rsquo;s instructions within the time
periods set forth in the Prime Execution Agreement and such failure is not cured within two (2) business days following the Trust
providing written notice to the relevant Coinbase Entity (&ldquo;CB Return Cure&rdquo;); provided, however, that (A) if, prior
to the expiration of the CB Return Cure, the Prime Execution Agent transfers cash to the Trust in an amount equal to the value
of the ether based on the Benchmark Valuation (defined as the Pricing Index) as of the time that the request to sell, transfer
or withdraw was originally made by the Trust (the &ldquo;ETH Cash Value&rdquo;) or if the Prime Execution Agent delivers cash
collateral to an account designated by the Trust and in which the Trust has a perfected, first priority security interest and
in an amount equal to the ETH Cash Value until the relevant ether is sold, withdrawn or transferred or the Trust elects to receive
such amount in cash in lieu of the Prime Execution Agent&rsquo;s obligation to sell, withdraw or transfer the relevant ether,
in each cash, such failure will be deemed cured; provided, further that, the Trust shall have the right to choose whether to receive
the ETH Cash Value in lieu of the relevant ether or receive the ETH Cash Value as cash collateral, or (B) if such failure is due
to a technology or security issue where, in the commercially reasonable opinion of the Prime Execution Agent, returning the relevant
ether would result in material risk to the Trust or the Prime Execution Agent or may result in the relevant ether being lost or
otherwise not successfully returned and the Prime Execution Agent promptly notifies the Trust promptly upon Client&rsquo;s notice
of such failure, (1) the Trust may request that the Prime Execution Agent still sell, withdraw or transfer the ether, but the
Prime Execution Agent will have no liability with respect to any such sell, withdrawal or transfer (unless the Prime Execution
Agent or any of the Coinbase Entities act with negligence unrelated to such technology or security issue) and any failure to withdraw
or transfer shall not result in a Coinbase Termination Event if the Trust does not receive the withdrawn or transferred ether
or the proceeds of any such sale due to such technology or security issue, or (2) if the Trust does not elect to have the Prime
Execution Agent still make the sale, withdrawal or transfer, a Coinbase Termination Event shall not occur while the relevant security
or technology event is occurring and continuing, (iii) the failure of any Coinbase Entity to withdraw or transfer cash to the
Trust in accordance with the Trust&rsquo;s instructions within the time periods set forth in the Prime Execution Agreement and
such failure is not cured within one (1) Business Day following the Trust providing written notice to the relevant Coinbase Entity,
(iv) a Coinbase Entity intentionally or willfully, materially breaches any provision of the Prime Execution Agreement (other than
the provisions of the Ether Custody Agreement) and such breach remains uncured for a period of 10 calendar days after notice of
such breach is provided by the Trust to the Prime Execution Agent; or (v) a Coinbase Entity intentionally or willfully, materially
breaches any provision of the Ether Custody Agreement and such breach remains uncured for a period of 30 calendar days after notice
of such breach is provided by the Trust to the Prime Execution Agent.</FONT></P>

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

<!-- Field: Page; Sequence: 105; Value: 81 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Execution Agent does not guarantee uninterrupted access to the Trading Platform or the services it provides to the Trust.
Under certain circumstances, the Prime Execution Agent is permitted to halt or suspend trading on the Trading Platform, or impose
limits on the amount or size of, or reject, the Trust&rsquo;s orders, including in the event of, among others, (a) delays, suspension
of operations, failure in performance, or interruption of service that are directly due to a cause or condition beyond the reasonable
control of the Prime Execution Agent, (b) the Trust has engaged in unlawful or abusive activities or fraud, or (c) a security
or technology issue occurred and is continuing that results in the Prime Execution Agent being unable to provide trading services
or accept the Trust&rsquo;s order, in each case, subject to certain protections for the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
the Prime Execution Agent nor any other Coinbase entity is permitted to withdraw the Trust&rsquo;s ether from the Trust Ether
Account, or loan, hypothecate, pledge or otherwise encumber the Trust&rsquo;s ether, without the consent of the Trust. The Trading
Balance is subject to the lien to secure outstanding Trade Credits in favor of the Trade Credit Lender discussed below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Prime Execution Agreement, the Prime Execution Agent&rsquo;s liability is limited as follows, among others: (i) other than
with respect to claims and losses arising from spot trading of ether, or fraud or willful misconduct, among others, the Prime
Execution Agent&rsquo;s aggregate liability shall not exceed the greater of (A) the greater of (x) $5 million and (y) the aggregate
fees paid by the Trust to the Prime Execution Agent in the 12 months prior to the event giving rise to the Prime Execution Agent&rsquo;s
liability, and (B) the value of the cash or affected ether giving rise to the Prime Execution Agent&rsquo;s liability; (ii) in
respect of the Prime Execution Agent&rsquo;s obligations to indemnify the Trust and its affiliates against third-party claims
and losses to the extent arising out of or relating to, among others, the Prime Execution Agent&rsquo;s violation of any law,
rule or regulation with respect to the provision of its services, or the full amount of the Trust&rsquo;s assets lost due to the
insolvency of or security event at a Connected Trading Venue, the Prime Execution Agent&rsquo;s liability shall not exceed the
greater of (A) $5 million and (B) the aggregate fees paid by the Trust to the Prime Execution Agent in the 12 months prior to
the event giving rise to the Prime Execution Agent&rsquo;s liability; and (iii) in respect of any incidental, indirect, special,
punitive, consequential or similar losses, the Prime Execution Agent is not liable, even if the Prime Execution Agent has been
advised of or knew or should have known of the possibility thereof. The Prime Execution Agent is not liable for delays, suspension
of operations, failure in performance, or interruption of service to the extent it is directly due to a cause or condition beyond
the reasonable control of the Prime Execution Agent. Both the Trust and the Prime Execution Agent and its affiliates (including
the Ether Custodian) are required to indemnify each other under certain circumstances. The Prime Execution Agreement is governed
by New York law and provides that disputes arising under it are subject to arbitration.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Execution Agreement provides that the Coinbase Entities may have actual or potential conflicts of interest in connection
with providing the Prime Execution Agent Services including that (i) orders to buy or sell ether may be routed to the Prime Execution
Agent&rsquo;s exchange platform (&ldquo;Coinbase Exchange&rdquo;) where such orders may be executed against other Coinbase customers
or with Coinbase acting as principal, (ii) the beneficial identity of the purchaser or seller with respect to an order is unknown
and therefore may inadvertently be another Coinbase customer, (iii) the Prime Execution Agent does not engage in front-running,
but is aware of orders or imminent orders and may execute a trade for its own inventory (or the account of an affiliate) while
in possession of that knowledge and (iv) Coinbase may act in a principal capacity with respect to certain orders (e.g., to fill
residual order size when a portion of an order may be below the minimum size accepted by the Connected Trading Venues). As a result
of these and other conflicts, when acting as principal, the Coinbase Entities may have an incentive to favor their own interests
and the interests of their affiliates over the Trust&rsquo;s interests and have in place certain policies and procedures that
are designed to mitigate such conflicts. The Prime Execution Agent will maintain appropriate and effective arrangements to eliminate
or manage conflicts of interest, including segregation of duties, information barriers and training. The Prime Execution Agent
will notify the Trust of changes to its business that have a material adverse effect on the Prime Execution Agent&rsquo;s ability
to manage its conflicts of interest. The Coinbase Entities shall execute trades pursuant to such policies and procedures; provided
that the Coinbase Entities (a) shall execute in a commercially reasonable amount of time (i) any marketable orders appropriately
entered by the Trust and (ii) any other pending orders by the Trust received by the Coinbase Entities that become marketable,
(b) for any order that the Prime Execution Agent receives from the Trust, the Prime Execution Agent will make commercially reasonable
efforts to route orders for execution to the Connected Trading Venue offering the highest price for the Trust&rsquo;s ether sale
orders, including consideration of any gas fees or similar fees related to a particular blockchain at the time that such orders
are routed for execution, and (c) shall not knowingly enter into a transaction for the benefit of (x) the Coinbase Entities, or
(y) any other client received after the Trust&rsquo;s order, ahead of any order received from the Trust. For purposes of the foregoing,
a marketable order is a sell order equivalent to or better than the best bid price on any Connected Trading Venue (or any venue
that a Coinbase Entity may use) at a given moment. The Prime Execution Agent agrees to direct the Trust&rsquo;s orders in a manner
that does not systematically favor the Coinbase Exchange or Connected Trading Venues that provide financial incentives to the
Prime Execution Agent; provided, however, that under certain circumstances the Prime Execution Agent may choose to intentionally
route to the Coinbase Exchange due to temporary conditions affecting Connected Trading Venues (e.g. connectivity problems of the
Connected Trading Venue or funding constraints).</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trade Credit Lender</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
avoid having to pre-fund purchases or sales of ether when using the Agent Execution Model, the Trust may borrow ether or cash
as Trade Credit from the Trade Credit Lender on a short-term basis. The Sponsor does not intend to fund the Trading Balance at
the Prime Execution Agent with sufficient cash or ether to pay fees and expenses and instead intends to utilize the Trade Financing
Agreement for such fees and expenses. This allows the Trust to buy or sell ether through the Prime Execution Agent in an amount
that exceeds the cash or ether credited to the Trust&rsquo;s Trading Balance at the Prime Execution Agent at the time such order
is submitted to the Prime Execution Agent, which is expected to facilitate the Trust&rsquo;s ability purchase and sell ether in
a timely manner, rather than waiting for the cash to be transferred by the Cash Custodian to the Prime Execution Agent prior to
purchasing the ether or for the ether held in the Trust Ether Account to be transferred to the Trust&rsquo;s Trading Balance prior
to selling ether. The Trust is required by the terms of the Trade Financing Agreement, which is part of the Prime Execution Agreement,
to repay any extension of Trade Credit by the Trade Credit Lender by 6:00 p.m. ET on the Business Day following the day that the
Trade Credit was extended to the Trust. The Trade Credit Lender is only required to extend Trade Credits to the Trust to the extent
such ether or cash is actually available to the Trade Credit Lender. For example, if the Trade Credit Lender is unable to itself
borrow ether to lend to the Trust as a Trade Credit, or there is a material market disruption (as determined by the Trade Credit
Lender in good faith and in its sole discretion), the Trade Credit Lender is not obligated to extend Trade Credits to the Trust.
To secure the repayment of Trade Credits, the Trust has granted a first-priority lien to the Trade Credit Lender over the assets
in its Trading Balance and the Trust Ether Account. If the Trust fails to repay a Trade Credit within the required deadline, the
Trade Credit Lender is permitted to take control of ether or cash credited to the Trust&rsquo;s Trading Balance and Trust Ether
Account (though it is required to exhaust the Trading Balance prior to taking control of assets in the Trust Ether Account) and
liquidate them to repay the outstanding Trade Credit. Trade Credits bear interest. Pursuant to the Trade Financing Agreement,
there is a maximum &ldquo;Authorized Amount&rdquo; of Trade Credits that the Trade Credit Lender allows to be outstanding at any
one time, which is determined and may be changed by the Trade Credit Lender in its sole discretion. To the extent the Trade Credit
Lender changes the Authorized Amount, it will give the Trust advance notice if it is feasible to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
entirety of the Trust&rsquo;s ether holdings are maintained with the Ether Custodian rather than the Prime Execution Agent. Accordingly,
when using the Agent Execution Model, the Trust does expect to utilize Trade Credits. When utilizing Trade Credits in connection
with Purchase Orders and Redemption Orders, any interest payable on Trade Credits will be the responsibility of the Authorized
Participants. In the very rare event that Trade Credits are utilized in connection with the payment of Trust expenses not assumed
by the Sponsor, any interest payable on the Trade Credits will be the responsibility of the Trust. Any such interest payments
borne by the Trust will have the effect of reducing the amount of ether represented by a Share and the net asset value of the
Trust. In connection with a Redemption Order or to pay expenses not assumed by the Sponsor, the Trust will first borrow ether
from the Trade Credit Lender using the Trade Financing Agreement, and then sell this ether. In connection with a Purchase Order,
the Trust will first borrow cash from the Trade Credit Lender using the Trade Financing Agreement, and then purchase ether. The
purpose of borrowing the ether or cash from the Trade Credit Lender is to lock in the ether price on the trade date or the payment
date, as applicable, rather than waiting for the funds associated with the creation to be transferred by the Cash Custodian to
the Prime Execution Agent prior to purchasing the ether or for the ether held in the Trust Ether Account to be transferred to
a Trading Balance prior to selling the ether (a process which may take up to twenty four hours, or longer if the Ethereum blockchain
is experiencing delays in transaction confirmation, or if there are other delays). To the extent that the execution price of the
ether acquired exceeds the amount of cash deposited by the Authorized Participant, the Authorized Participant bears the responsibility
for the difference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event Trade Credits are unavailable from the Trade Credit Lender or become exhausted, the Sponsor would require the Authorized
Participant to deliver cash on the trade date so that a purchase order can be settled in a timely manner. For a Redemption Order
under the Agent Execution Model, the Trust may use financing when the ether remains in the Trust Ether Account at the point of
intended execution of a sale of ether. In the event Trade Credits are unavailable or become exhausted in this situation, the Sponsor
would instruct the Ether Custodian to move ether out of the Trust Ether Account into the Trading Balance so that it could be sold
directly in response to a redemption order or to pay fees and expenses. Under these circumstances, the Trust may not be able to
lock in the ether price on the trade date or the payment date, as applicable, and would instead have to wait until the transfer
from the Trust Ether Account the Trading Balance was completed before selling the ether.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa010"></A>Form
of Shares</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered
Form</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
are issued in registered form in accordance with the Trust Agreement. The Transfer Agent has been appointed registrar and transfer
agent for the purpose of transferring Shares in certificated form. The Transfer Agent keeps a record of all Shareholders and holders
of the Shares in certified form in the registry (&ldquo;Register&rdquo;). The Sponsor recognizes transfers of Shares in certificated
form only if done in accordance with the Trust Agreement. The beneficial interests in such Shares are held in book-entry form
through participants and/or accountholders in DTC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Book
Entry</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual
certificates are not issued for the Shares. Instead, Shares are represented by one or more global certificates, which are deposited
by the Transfer Agent with DTC and registered in the name of Cede &amp; Co., as nominee for DTC. The global certificates evidence
all of the Shares outstanding at any time. Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers
and trust companies (&ldquo;DTC Participants&rdquo;), (2) those who maintain, either directly or indirectly, a custodial relationship
with a DTC Participant (&ldquo;Indirect Participants&rdquo;), and (3) those who hold interests in the Shares through DTC Participants
or Indirect Participants, in each case who satisfy the requirements for transfers of Shares. DTC Participants acting on behalf
of investors holding Shares through such participants&rsquo; accounts in DTC will follow the delivery practice applicable to securities
eligible for DTC&rsquo;s Same-Day Funds Settlement System. Shares are credited to DTC Participants&rsquo; securities accounts
following confirmation of receipt of payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC
has advised the Sponsor as follows: It is a limited purpose trust company organized under the laws of the State of New York and
is a member of the Federal Reserve System, a &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform Commercial
Code and a &ldquo;clearing agency&rdquo; registered pursuant to the provisions of Section 17A of the Exchange Act. DTC holds securities
for DTC Participants and facilitates the clearance and settlement of transactions between DTC Participants through electronic
book-entry changes in accounts of DTC Participants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa011"></A>Transfer
of Shares</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares are only transferable through the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their
Shares through DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant or other
entity through which their Shares are held) to transfer the Shares. Transfers are made in accordance with standard securities
industry practice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfers
of interests in Shares with DTC are made in accordance with the usual rules and operating procedures of DTC and the nature of
the transfer. DTC has established procedures to facilitate transfers among the participants and/or accountholders of DTC. Because
DTC can only act on behalf of DTC Participants, who in turn act on behalf of Indirect Participants, the ability of a person or
entity having an interest in a global certificate to pledge such interest to persons or entities that do not participate in DTC,
or otherwise take actions in respect of such interest, may be affected by the lack of a certificate or other definitive document
representing such interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC
has advised the Sponsor that it will take any action permitted to be taken by a Shareholder (including, without limitation, the
presentation of a global certificate for exchange) only at the direction of one or more DTC Participants in whose account with
DTC interests in global certificates are credited and only in respect of such portion of the aggregate principal amount of the
global certificate as to which such DTC Participant or Participants has or have given such direction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa012"></A>SEED
CAPITAL INVESTOR</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify; text-indent: 0.5in">Bitwise Asset Management,
Inc., the parent of the Sponsor, served as seed capital investor to the Trust (the &ldquo;Seed Capital Investor&rdquo;). The Seed Capital
Investor agreed to purchase $200 in Shares on May 28, 2024, and on May&nbsp;28, 2024 took delivery of 8 Shares at a per-Share price of
$25 (the &ldquo;Seed Shares&rdquo;). The $200 the Trust received in consideration for the sale of the Seed Shares served as the basis
of the audit described in the sections entitled <I>&ldquo;Report of Independent Registered Public Accounting Firm&rdquo;</I> and <I>&ldquo;Statement
of Financial Condition.&rdquo;</I></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor will not receive from the Trust or any of its affiliates any fee or other compensation in connection with the Seed Capital
Investor&rsquo;s purchase of the Seed Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa013"></A>Plan
of Distribution</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buying
and Selling Shares</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most
investors buy and sell Shares in secondary market transactions through brokers. Shares trade on the Exchange under the ticker
symbol &ldquo;ETHW.&rdquo; Shares are bought and sold throughout the trading day like other publicly traded securities. When buying
or selling Shares through a broker, most investors incur customary brokerage commissions and charges. Shareholders are encouraged
to review the terms of their brokerage account for details on applicable charges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitwise
Investment Manager, LLC, an affiliate of the Sponsor, is expected to purchase the initial Baskets of Shares for $[__], at per-Share
price of $[__] for these [__] Shares (the Seed Baskets). Such proceeds are expected to be used by the Trust to purchase ether
at or prior to the listing of Shares on the Exchange. Bitwise Investment Manager, LLC will act as a statutory underwriter in connection
with the initial purchase of the Seed Baskets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Authorized
Participants</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering of the Shares is a best efforts offering. The Trust continuously offers Baskets consisting of 10,000 Shares to Authorized
Participants. Authorized Participants pay a transaction fee for each order they place to purchase or redeem one or more Baskets.
The Sponsor believes that the Basket size of 10,000 Shares will enable Authorized Participants to manage inventory and facilitate
an effective arbitrage mechanism for the Trust, however, the Sponsor may adjust of the Baskets in order to improve the effectiveness
of the activities of Authorized Participants in the secondary market for the Shares if the Sponsor determines it to be necessary
or advisable. Because new Shares can be created and issued on an ongoing basis, at any point during the life of the Trust, a &ldquo;distribution,&rdquo;
as such term is used in the 1933 Act, will be occurring.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering of Baskets is being made in compliance with Conduct Rule 2310 of FINRA. Accordingly, Authorized Participants will not
make any sales to any account over which they have discretionary authority without the prior written approval of a purchaser of
Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
executing an Authorized Participant Agreement, an Authorized Participant becomes part of the group of parties eligible to purchase
Baskets from, and put Baskets for redemption to, the Trust. An Authorized Participant is under no obligation to purchase or redeem
Baskets or to offer to the public Shares of any Basket it does create. As of _______, 20__, [______________], [______________],
and [______________] have executed Authorized Participant Agreements with the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
new Shares can be created and issued on an ongoing basis, at any point during the life of the Trust, a &ldquo;distribution,&rdquo;
as such term is used in the 1933 Act, will be occurring. Authorized Participants, other broker-dealers and other persons are cautioned
that some of their activities may result in their being deemed participants in a distribution in a manner that would render them
statutory underwriters and subject them to the prospectus-delivery and liability provisions of the 1933 Act. Any purchaser who
purchases Shares with a view towards distribution of such Shares may be deemed to be a statutory underwriter. In addition, an
Authorized Participant, other broker-dealer firm or its client will be deemed a statutory underwriter if it purchases a Basket
from the Trust, breaks the Basket down into the constituent Shares and sells the Shares to its customers; or if it chooses to
couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand
for the Shares. In contrast, Authorized Participants may engage in secondary market or other transactions in Shares that would
not be deemed &ldquo;underwriting.&rdquo; For example, an Authorized Participant may act in the capacity of a broker or dealer
with respect to Shares that were previously distributed by other Authorized Participants. A determination of whether a particular
market participant is an underwriter must take into account all the facts and circumstances pertaining to the activities of the
broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description
of all the activities that would lead to designation as an underwriter and subject them to the prospectus-delivery and liability
provisions of the 1933 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dealers
who are neither Authorized Participants nor &ldquo;underwriters&rdquo; but are nonetheless participating in a distribution (as
contrasted to ordinary secondary trading transactions), and thus dealing with Shares that are part of an &ldquo;unsold allotment&rdquo;
within the meaning of Section 4(3)(C) of the 1933 Act, would be unable to take advantage of the prospectus-delivery exemption
provided by Section 4(3) of the 1933 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Authorized Participants may be indemnified by the Sponsor, they will not be entitled to receive a discount or commission from
the Trust or the Sponsor for their purchases of Baskets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa014"></A>Creation
and Redemption of Shares</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Trust creates or redeems its Shares, it will do so only in Baskets (blocks of 10,000 Shares) based on the quantity of ether
attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities) multiplied by the number of Shares
comprising a Basket (10,000). This is called the &ldquo;Basket Amount.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered
broker-dealers or other securities market participants, such as banks and other financial institutions, that are not required
to register as broker-dealers to engage in securities transactions described below, and (2) DTC Participants. To become an Authorized
Participant, a person must enter into an Authorized Participant Agreement. The Authorized Participant Agreement provides the procedures
for the creation and redemption of Baskets and for the delivery of the cash or Shares required for such creation and redemptions.
The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trust, without the consent
of any Shareholder or Authorized Participant. Authorized Participants must pay the Transfer Agent a non-refundable fee for each
order they place to create or redeem one or more Baskets. The transaction fee may be waived, reduced, increased or otherwise changed
by the Sponsor in its sole discretion. Authorized Participants who make deposits with the Trust in exchange for Baskets receive
no fees, commissions or other form of compensation or inducement of any kind from either the Trust or the Sponsor, and no such
person will have any obligation responsibility to the Sponsor or the Trust to effect any sale or resale of Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Authorized Participant will be required to be registered as a broker-dealer under the Exchange Act and a member in good standing
with FINRA, or exempt from being or otherwise not required to be licensed as a broker-dealer or a member of FINRA, and will be
qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain
Authorized Participants may also be regulated under federal and state banking laws and regulations. Each Authorized Participant
has its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of
its own regulatory regime.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Authorized Participant Agreement, the Sponsor, and the Trust under limited circumstances, have agreed to indemnify the Authorized
Participants against certain liabilities, including liabilities under the 1933 Act, and to contribute to the payments the Authorized
Participants may be required to make in respect of those liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following description of the procedures for the creation and redemption of Baskets is only a summary and an investor should refer
to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more detail. The Trust
Agreement and form of Authorized Participant Agreement are filed as exhibits to the registration statement of which this Prospectus
is a part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Determination
of Basket Amount</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Basket Amount required to create each Basket changes from day to day. On each day that the Exchange is open for regular trading,
the Administrator adjusts the quantity of ether constituting the Basket Amount as appropriate to reflect accrued expenses and
any loss of ether that may occur. The computation is made by the Administrator each business day prior to the commencement of
trading on the Exchange. The Administrator determines the Basket Amount for a given day by dividing the number of ether held by
the Trust as of the opening of business on that business day, adjusted for the amount of ether constituting estimated accrued
but unpaid fees and expenses of the Trust as of the opening of business on that business day, by the quotient of the number of
Shares outstanding at the opening of business, multiplied by 10,000. Fractions of an ether smaller than 0.00000000001 are disregarded
for purposes of the computation of the Basket Amount. The Basket Amount so determined is communicated via electronic mail message
to all Authorized Participants and made available on the Sponsor&rsquo;s website for the Shares. The Exchange also publishes the
Basket Amount determined by the Administrator as indicated above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Creation
Procedures</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
any business day, an Authorized Participant may create Shares by placing an order to purchase one or more Baskets with the Transfer
Agent through the Marketing Agent in exchange for cash (a &ldquo;Purchase Order&rdquo;). Such orders are subject to approval by
the Marketing Agent and Transfer Agent. Such orders are subject to approval by the Marketing Agent and Transfer Agent. For purposes
of processing creation and redemption orders, a &ldquo;business day&rdquo; means any day other than a day when the Exchange is
closed for regular trading. Purchase Orders must be placed by 2:00 p.m., ET, or the close of regular trading on the Exchange,
whichever is earlier (the &ldquo;Order Cut-Off Time&rdquo;). The Order Cut-Off time may be modified by the Sponsor in its sole
discretion. The day on which a Purchase Order is accepted by the Transfer Agent is considered the &ldquo;Purchase Order Date.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor may in its sole discretion limit the number of Shares created pursuant to Purchase Orders on any specified day without
notice to the Authorized Participants and may direct the Marketing Agent to reject any Purchase Orders in excess of such capped
amount. The Sponsor may choose to limit the number of Shares created pursuant to Purchase Orders when it deems so doing to be
in the best interest of Shareholders. It may choose to do so when it believes the market is too volatile to execute an ether transaction,
when it believes the price of ether is being inconsistently, irregularly, or discontinuously published from ether trading venues
and other data sources, or when it believes other similar circumstances may create a scenario in which accepting Purchase Orders
would not be in the best interests of the Shareholders. The Sponsor does not believe that the Trust&rsquo;s ability to arrive
at such a determination will have a significant impact on the Shares in the secondary market because it believes that the ability
to create Shares would be reinstated shortly after such determination is made, and any entity desiring to create Shares would
be able to do so once the ability to create Shares is reinstated. However, it is possible that such a determination would cause
the Shares to trade at premiums or discounts relative to the Trust&rsquo;s NAV on the secondary market if arbitrageurs believe
that there is risk that the creation and redemption process is not available, as this process is a component of keeping the price
of the Shares on the secondary market closely aligned to the Trust&rsquo;s NAV.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
manner by which creations are made is dictated by the terms of the Authorized Participant Agreement. By placing a Purchase Order,
an Authorized Participant agrees to deposit, or cause the deposit of, cash with the Trust in an equivalent amount of cash equal
to the required amount of ether as described in the <I>&ldquo;Determination of Required Deposits&rdquo;</I> sub-section above,
multiplied by the Pricing Index price, plus any additional cash required to account for the price at which the Trust agrees to
purchase the requisite amount of ether to the extent it is greater than the Pricing Index price on each Purchase Order Date. On
each Purchase Order Date, the Administrator will communicate to the Authorized Participant the full cash amount required to settle
the transaction. Authorized Participants may not withdraw a creation request. If an Authorized Participant fails to consummate
the foregoing, the Purchase Order will be cancelled. The Sponsor causes to be published each night the amount of ether that will
be acquired in exchange for each Purchase Order, from which can be computed the estimated amount of cash required to create each
Basket, prior to accounting for any additional cash required to acquire the requisite amount of ether if the price paid by the
Trust is in excess of the Pricing Index on each Purchase Order Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
Authorized Participant who places a Purchase Order is responsible for facilitating the delivery of the required amount of cash
to the Cash Custodian by 3:00 pm, ET, on the business day following the Purchase Order Date. Pursuant to the cash creation and
redemption process, the Trust is responsible for acquiring and selling ether, which it may do pursuant to two different models:
(i) the &ldquo;Trust-Directed Trade Model,&rdquo; and the (ii) &ldquo;Agent Execution Model.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust-Directed Trade Model, the Sponsor, on behalf of the Trust, is responsible for acquiring ether from an approved Ether
Trading Counterparty in an amount equal to the Basket Amount. When seeking to purchase ether on behalf of the Trust, the Sponsor
will seek to purchase ether at a price as close to the Pricing Index as practical. Once the trade has been agreed upon with an
ether Trading Counterparty, the transaction will generally occur on an &ldquo;over-the-counter&rdquo; basis. Transfers of ether
from the Ether Trading Counterparty to the Trust Ether Account are &ldquo;on-chain&rdquo; transactions represented on the Ethereum
blockchain. Upon receipt of the deposit amount of ether in the Trust Ether Account at the Ether Custodian from the Ether Trading
Counterparty, the Ether Custodian will notify the Sponsor that the ether has been received. The Sponsor will then notify the Transfer
Agent that the ether has been received, and the Transfer Agent will direct DTC to credit the number of Shares ordered to the Authorized
Participant&rsquo;s DTC account and will wire the cash previously sent by the Authorized Participant to the Ether Trading Counterparty
to complete settlement of the Purchase Order and the acquisition of the ether by the Trust. If the Ether Trading Counterparty
fails to deliver the ether to the Ether Custodian, no cash is sent from the Cash Custodian to the Ether Trading Counterparty,
no Shares are transferred to the Authorized Participant&rsquo;s DTC account, the cash is returned to the Authorized Participant,
and the Purchase Order is cancelled.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Agent Execution Model, the Prime Execution Agent, acting in an agency capacity, conducts ether purchases on behalf of the
Trust with third parties through its Coinbase Prime service pursuant to the Prime Execution Agreement. On the evening of the Purchase
Order Date, the Trust enters into a transaction to buy ether through the Prime Execution Agent for cash. Because the Trust&rsquo;s
Trading Balance may not be funded with cash on the Purchase Order Date for the purchase of ether in connection with the Purchase
Order under the Agent Execution Model, the Trust may borrow Trade Credits in the form of cash from the Trade Credit Lender pursuant
to the Trade Financing Agreement or may require the Authorized Participant to deliver the required cash for the Purchase Order
on the Purchase Order Date. The extension of Trade Credits on the Purchase Order Date allows the Trust to purchase ether through
the Prime Execution Agent on the Purchase Order Date, with such ether being deposited in the Trust&rsquo;s Trading Balance. On
the day following the Purchase Order Date, the Purchase Order Settlement Date, the Trust delivers Shares to the Authorized Participant&rsquo;s
DTC account in exchange for cash received from the Authorized Participant. Where applicable, the Trust uses the cash to repay
the Trade Credits borrowed from the Trade Credit Lender. On the Purchase Order Settlement Date for a Purchase Order utilizing
the Agent Execution Model, the ether associated with the Purchase Order and purchased on the Purchase Order Date is swept from
the Trust&rsquo;s Trading Balance with the Prime Execution Agent to the Trust Ether Account with the Ether Custodian pursuant
to a regular end-of-day sweep process. Transfers of ether into the Trust&rsquo;s Trading Balance are off-chain transactions and
transfers from the Trust&rsquo;s Trading Balance to the Trust Ether Account are &ldquo;on-chain&rdquo; transactions represented
on the Ethereum blockchain. Any financing fee owed to the Trade Credit Lender is deemed part of trade execution costs and embedded
in the trade price for each transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
between the Trust and the Authorized Participant, the expense and risk of the difference between the value of ether calculated
by the Administrator for daily valuation using the Pricing Index and the price at which the Trust acquires the ether will be borne
solely by the Authorized Participant to the extent that the Trust pays more for ether than the price used by the Trust for daily
valuation. Any such additional cash amount will be included in the amount of cash calculated by the Administrator on the Purchase
Order Date, communicated to the Authorized Participant on the Purchase Order Date, and wired by the Authorized Participant to
the Cash Custodian on the Settlement Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rejection
of Purchase Orders</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor or its designee has the absolute right, but does not have any obligation, to reject any purchase order if the Sponsor
determines that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Purchase Order is not in proper form;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         would not be in the best interest of the Shareholders;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         acceptance of the Purchase Order would have adverse tax consequences to the Trust or
                                         its Shareholders;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         acceptance or receipt of which would, in the opinion of counsel to the Sponsor, be unlawful;
                                         or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">circumstances
                                         outside the control of the Trust, the Sponsor, the Marketing Agent, the Transfer Agent,
                                         the Cash Custodian or the Ether Custodian make it, for all practical purposes, not feasible
                                         to process 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).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of the Sponsor, the Marketing Agent, the Cash Custodian or the Ether Custodian will be liable for the rejection of any Purchase
Order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption
Procedures</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
any business day, an Authorized Participant may place an order with the Transfer Agent through the Marketing Agent to redeem one
or more Baskets (a &ldquo;Redemption Order&rdquo;). Redemption Orders must be placed by 2:00 pm, ET (the &ldquo;Redemption Order
Cut-Off Time&rdquo;), which may be modified by the Sponsor in its sole discretion. A Redemption Order will be effective on the
date it is accepted by the Transfer Agent (&ldquo;Redemption Order Date&rdquo;). The redemption distribution from the Trust in
exchange for a redemption of Shares consists of a movement of cash representing the Basket Amount of ether, less any trading expenses
incurred by the Trust in liquidating the ether, to the redeeming Authorized Participant or its designee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust-Directed Trade Model, the procedures by which an Authorized Participant can redeem one or more Baskets mirror the procedures
for the creation of Baskets under the Trust-Directed Trade Model with an additional safeguard on ether being removed from the
Trust Ether Account, which will not occur until cash has been received by the Cash Custodian in an amount equal to the Basket
Amount of ether multiplied by the price at which the Trust agrees with the Ether Trading Counterparty to sell the ether on the
Redemption Order Date. When seeking to sell ether on behalf of the Trust, the Sponsor will seek to sell ether at a price as close
to the Pricing Index as practical. Once the trade has been agreed upon with an ether Trading Counterparty, the transaction will
generally occur on an &ldquo;over-the-counter&rdquo; basis. Transfers of ether from the Trust Ether Account to the Ether Trading
Counterparty are &ldquo;on-chain&rdquo; transactions represented on the Ethereum blockchain. The Authorized Participant must deliver
the Shares represented by the Basket to be redeemed to the Trust&rsquo;s DTC account by end of day ET on the business day following
the Redemption Order Date (the &ldquo;Redemption Order Settlement Date&rdquo;). The Ether Custodian will not send the Basket Amount
of ether from the Trust Ether Account to the Ether Trading Counterparty until the Cash Custodian has received the cash from the
Ether Trading Counterparty and is instructed by the Sponsor to make such transfer. Once the Ether Trading Counterparty has sent
the cash to the Cash Custodian in an agreed upon amount to settle the agreed upon sale of the Basket Amount of ether, the Transfer
Agent will notify Sponsor. The Sponsor will then notify the Ether Custodian to transfer the ether to the Ether Trading Counterparty,
and the Transfer Agent will facilitate the redemption of Shares in exchange for cash. Once the Authorized Participant has delivered
the Shares represented by the Basket to be redeemed to the Trust&rsquo;s DTC account, the Cash Custodian will wire the requisite
amount of cash to the Authorized Participant. Transfers of ether from the Trust Ether Account to the Ether Trading Counterparty
are &ldquo;on-chain&rdquo; transactions represented on the Ethereum blockchain. In the event that by the end of the day on the
Redemption Order Settlement Date, the Trust&rsquo;s account at DTC shall not have been credited with the total number of Shares
corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order the Transfer Agent shall send to
the Authorized Participant, the Sponsor and the Ether Custodian via fax or electronic mail message notice of such fact and the
Authorized Participant shall have two (2) business days following receipt of such notice to correct such failure. If such failure
is not cured within such two (2) business day period, the Transfer Agent (in consultation with the Sponsor) will cancel such Redemption
Order and will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and the Ether
Custodian, and the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Transfer Agent,
the Sponsor or the Ether Custodian related to the cancelled Redemption Order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a redemption of Baskets utilizing the Agent Execution Model, the Authorized Participant may be required to submit a Redemption
Order by an earlier than normal order cutoff time (the &ldquo;Redemption Early Order Cutoff Time&rdquo;). The Redemption Early
Order Cutoff Time may be as early as 5:00 p.m. ET on the business day prior to Redemption Order Date. Once a Redemption Order
is received, the Sponsor instructs the Ether Custodian to prepare to transfer the ether associated with the Redemption Order from
the Trust Ether Account with the Ether Custodian to the Trust&rsquo;s Trading Balance with the Prime Execution Agent. For a Redemption
Order utilizing the Agent Execution Model, on the evening of the Redemption Order Date, the Prime Execution Agent, acting in an
agency capacity, conducts ether sales on behalf of the Trust with third parties through its Coinbase Prime service in exchange
for cash. The Trust&rsquo;s Trading Balance with the Prime Execution Agent may not be funded with ether on the evening of the
Redemption Order Date at the time of the intended execution of the sale of ether in connection with the Redemption Order because
such ether is still in the Trust Ether Account at the Ether Custodian. In those circumstances the Trust may borrow Trade Credits
in the form of ether from the Trade Credit Lender, which allows the Trust to sell ether through the Prime Execution Agent on the
evening Redemption Order Date, and the cash proceeds are deposited in the Trust&rsquo;s Trading Balance with the Prime Execution
Agent. Such cash is then transferred to the Cash Custodian. The Trust will subsequently transfer the Basket Amount of ether from
the Trust Ether Account to the Trust&rsquo;s Trading Balance with the Prime Execution Agent. Once the Authorized Participant has
delivered the Shares represented by the Basket to be redeemed to the Trust&rsquo;s DTC account, the Cash Custodian will then wire
the requisite amount of cash to the Authorized Participant. In the event Trade Credits were used, the Trust will use the ether
that is moved from the Trust Ether Account with the Ether Custodian to the Trading Balance with the Prime Execution Agent to repay
the Trade Credits borrowed from the Trade Credit Lender. Transfers of ether from the Trust Ether Account to the Trust&rsquo;s
Trading Balance are &ldquo;on-chain&rdquo; transactions represented on the Ethereum blockchain.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suspension
or Rejection of Redemption Orders</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor may, in its discretion, suspend the right of purchase or redemption or may postpone the Redemption Order Settlement Date,
for (1) for any period during which the Exchange is closed other than customary weekend or holiday closings, or trading on the
Exchange is suspended or restricted, (2)&nbsp;any period during which an emergency exists as a result of which the fulfillment
of a purchase order or the redemption distribution is not reasonably practicable (for example, as a result of an interruption
in services or availability of the Prime Execution Agent, Ether Custodian, Cash Custodian, Administrator, or other service providers
to the Trust, act of God, catastrophe, civil disturbance, government prohibition, war, terrorism, strike or other labor dispute,
fire, force majeure, interruption in telecommunications, Internet services, or network provider services, unavailability of Fedwire,
SWIFT or banks&rsquo; payment processes, significant technical failure, bug, error, disruption or fork of the Ethereum network,
hacking, cybersecurity breach, or power, Internet, or Ethereum network outage, or similar event), or (3) such other period as
the Sponsor determines to be necessary for the protection of the Shareholders of the Trust (for example, where acceptance of the
U.S. dollars needed to create each Basket would have certain adverse tax consequences to the Trust or its Shareholders). For example,
the Sponsor may determine that it is necessary to suspend redemptions to allow for the orderly liquidation of the Trust&rsquo;s
assets. If the Sponsor has difficulty liquidating the Trust&rsquo;s positions, <I>e.g.</I>, because of a market disruption event
or an unanticipated delay in the liquidation of a position in an over-the-counter contract, it may be appropriate to suspend redemptions
until such time as such circumstances are rectified. None of the Sponsor, the person authorized to take Redemption Orders in the
manner provided in the Authorized Participant Agreement, the Ether Custodian or the Cash Custodian will be liable to any person
or in any way for any loss or damages that may result from any such suspension or postponement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption
Orders must be made in whole Baskets. The Sponsor acting by itself or through the person authorized to take Redemption Orders
in the manner provided in the Authorized Participant Agreement may, in its sole discretion, reject any Redemption Order (1) the
Sponsor determines not to be in proper form, (2) the fulfillment of which its counsel advises may be illegal under applicable
laws and regulations, or (3) if circumstances outside the control of the Sponsor, the person authorized to take redemption orders
in the manner provided in the Authorized Participant Agreement or the Ether Custodian make it for all practical purposes not feasible
for the Shares to be delivered under the Redemption Order. The Sponsor may also reject a Redemption Order if the number of Shares
being redeemed would reduce the remaining outstanding Shares to 100,000 Shares (<I>i.e.</I>, ten Baskets) or less.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Creation
and Redemption Transaction Fee</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
compensate the Transfer Agent for expenses incurred in connection with the creation and redemption of Baskets, an Authorized Participant
is required to pay a transaction fee to the Transfer Agent to create or redeem Baskets, which does not vary in accordance with
number of Baskets in such order. The transaction fee may be reduced, increased or otherwise changed by the Sponsor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
Responsibility</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Participants are responsible for any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax
or governmental charge applicable to the creation or redemption of Baskets, regardless of whether or not such tax or charge is
imposed directly on the Authorized Participant, and agree to indemnify the Sponsor and the Trust if they are required by law to
pay any such tax, together with any applicable penalties, additions to tax and interest thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secondary
Market Transactions</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed above, Authorized Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants
must be registered broker-dealers or other securities market participants, such as banks and other financial institutions that
are not required to register as broker-dealers to engage in securities transactions. An Authorized Participant is under no obligation
to create or redeem Baskets, and an Authorized Participant is under no obligation to offer to the public Shares of any Basket
it does create.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Participants that do offer to the public Shares from the Basket they create will do so at per-Share offering prices that are expected
to reflect, among other factors, the trading price of the Shares on the Exchange, the NAV of the Trust at the time the Authorized
Participant purchased the Baskets, the NAV of the Shares at the time of the offer of the Shares to the public, the supply of and
demand for Shares at the time of sale, and the liquidity of ether or other portfolio investments. Baskets are generally expected
to be redeemed when the price per Share is at a discount to the per Share NAV. Shares initially comprising the same Basket but
offered by Authorized Participants to the public at different times may have different offering prices. An order for one or more
Baskets may be placed by an Authorized Participant on behalf of multiple clients. Authorized Participants who make deposits of
cash with the Trust in exchange for Baskets receive no fees, commissions or other forms of compensation or inducement of any kind
from either the Trust or the Sponsor and no such person has any obligation or responsibility to the Sponsor or the Trust to effect
any sale or resale of Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
are expected to trade in the secondary market on the Exchange. Shares may trade in the secondary market at prices that are lower
or higher relative to their NAV per Share. The amount of the discount or premium in the trading price relative to the NAV per
Share may be influenced by various factors, including the number of investors who seek to purchase or sell Shares in the secondary
market and the liquidity of ether.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa015"></A>Use
of Proceeds</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
received by the Trust from Purchase Orders of Baskets will be used to acquire ether. Such deposits of cash are held by the Cash
Custodian on behalf of the Trust until (i) used to acquire ether; (ii) accrued and distributed to pay fees due to the Sponsor
and Trust expenses and liabilities not assumed by the Sponsor, (iii) distributed to Authorized Participant in connection with
redemptions of Baskets, or (iv) disposed of in a liquidation of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the Trust is terminated and its assets are to be liquidated, all of the Trust&rsquo;s ether will be sold and the
cash proceeds will be distributed to Shareholders. Under no circumstances will the Trust distribute ether to Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa016"></A>Ownership
or Beneficial Interest in the Trust</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
beneficial interest in the Trust is divided into Shares. Each Share of the Trust represents an equal beneficial interest in the
net assets of the Trust, and each holder of Shares is entitled to receive such holder&rsquo;s pro rata share of distributions
of income and capital gains, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Shares are fully paid and non-assessable. No Share will have any priority or preference over any other Share of the Trust. All
distributions, if any, will be made ratably among all Shareholders from the assets of the Trust according to the number of Shares
held of record by such Shareholders on the record date for any distribution or on the date of termination of the Trust, as the
case may be. Except as otherwise provided by the Sponsor, Shareholders will have no preemptive or other right to subscribe to
any additional shares or other securities issued by the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
By-Laws, 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. The ownership of
Shares will be recorded on the books of the Trust or a transfer or similar agent for the Trust. No certificates certifying the
ownership of Shares will be issued except as the Sponsor may otherwise determine from time to time. The Sponsor may make such
rules as it considers appropriate for the issuance of share certificates, transfer of Shares and similar matters. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa017"></A>Conflicts
of Interest</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are present and potential future conflicts of interest in the Trust&rsquo;s structure and operation you should consider before
you purchase Shares. The Sponsor will use this notice of conflicts as a defense against any claim or other proceeding made. If
the Sponsor is not able to resolve these conflicts of interest adequately, it may impact the Trust&rsquo;s ability to achieve
its investment objectives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
officers, directors and employees of the Sponsor do not devote their time exclusively to the Trust. These persons are directors,
officers or employees of other entities, or otherwise work in respect of other clients, which may compete with the Trust for their
services. They could have a conflict between their responsibilities to the Trust and to those other entities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has adopted policies and procedures that identify the conflicts of interest associated with these companies and their
principals, officers, directors and employees when and if trading ether, ether futures and related contracts or other ether-linked
derivatives. These policies are intended to prevent conflicts of interest occurring where the Sponsor or their principals, officers,
directors or employees could give preferential treatment to their own accounts or trade their own accounts ahead of or against
the Trust. Pursuant to these policies, all principals, officers, directors and employees of the Sponsor, and their family members,
must receive prior written clearance from the Sponsor&rsquo;s chief compliance officer before entering in a transaction in ether,
ether futures or any other ether-linked derivative equal if such transaction exceeds $4,999 in current market value. To the extent
any such transaction constitutes a purchase of ether, ether futures or other ether-linked derivative exceeds $4,999 in current
market value, the policies require that such ether, ether futures or ether-linked derivative must be held for 60 days before it
can be traded or sold.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has sole current authority to manage the investments and operations of the Trust, and this may allow it to act in a way
that furthers its own interests which may create a conflict with a Shareholder&rsquo;s best interests. Except as required under
applicable federal law or under the rules or regulations of an Exchange, Shareholders have no voting rights, which will limit
their ability to influence matters such as amendment of the Trust Agreement, change in the Trust&rsquo;s basic investment policy,
dissolution of the Trust, or the sale or distribution of the Trust&rsquo;s assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor serves as the sponsor to the Trust. The Sponsor may have a conflict to the extent that its trading decisions for the Trust
may be influenced by the effect they would have on the other funds it manages, including but not limited to the Bitwise 10 Crypto
Index Fund, LLC, the Bitwise 10 Index Offshore Fund Ltd., the Digital Asset Index Fund, the Bitwise Bitcoin Fund, LLC, the Bitwise
Ethereum Fund, LLC, the Bitwise DeFi Crypto Index Fund and the Bitwise Bitcoin ETF. In addition, the Sponsor may be required to
indemnify its officers, directors and key employees with respect to their activities on behalf of the other funds, if the need
for indemnification arises. This potential indemnification could cause the Sponsor&rsquo;s assets to decrease. If the Sponsor&rsquo;s
other sources of income are not sufficient to compensate for the indemnification, it could cease operations, which could in turn
result in Trust losses and/or termination of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Sponsor acquires knowledge of a potential transaction or arrangement that may be an opportunity for the Trust, it will have
no duty to offer such opportunity to the Trust. The Sponsor will not be liable to the Trust or the Shareholders for breach of
any fiduciary or other duty if Sponsor pursues such opportunity or directs it to another person or does not communicate such opportunity
to the Trust. Neither the Trust nor any Shareholder has any rights or obligations by virtue of the Trust Agreement, the trust
relationship created thereby, or this Prospectus in such business ventures or the income or profits derived from such business
ventures. The pursuit of such business ventures, even if competitive with the activities of the Trust, will not be deemed wrongful
or improper.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resolution
of Conflicts Procedures</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust Agreement provides that whenever a conflict of interest exists between the Sponsor or any of its affiliates, on the one
hand, and the Trust or any Shareholders or any other person, on the other hand, the Sponsor will resolve such conflict of interest
considering the relative interest of each party (including its own interest) and the benefits and burdens relating to such interests,
any customary or accepted industry practices, and any applicable accepted accounting practices or principles.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa018"></A>Fiduciary
and Regulatory Duties AND OBLIGATIONS of the Sponsor</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
general fiduciary duties which would otherwise be imposed on the Sponsor (which would make its operation of the Trust as described
herein impracticable due to the strict prohibition imposed by such duties on, for example, conflicts of interest on behalf of
a fiduciary in its dealings with its beneficiaries), are defined and limited in scope by the terms of the Trust Agreement (to
which terms all Shareholders, by subscribing to the Shares, are deemed to consent).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
under the Trust Agreement, the Sponsor has the following obligations as a sponsor of the Trust:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retain
                                         independent public accountants to audit the accounts of the Trust;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employ
                                         attorneys to represent the Trust;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Select
                                         the Trust&rsquo;s Trustee, administrator, transfer agent, custodian(s), digital asset
                                         trading platform counterparties and OTC market participant counterparties, Pricing Index
                                         Benchmark 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);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negotiate
                                         and enter into insurance agreements to secure and maintain the insurance coverage to
                                         the extent described in the Prospectus;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Develop
                                         a marketing plan for the Trust on an ongoing basis and prepare marketing materials regarding
                                         the Trust;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintain
                                         the Trust&rsquo;s website;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquire
                                         and sell ether, subject in each instance to the limitations imposed by the Trust Agreement,
                                         with a view to providing Shareholders with exposure to the value of ether held by the
                                         Trust, less the expenses of the Trust&rsquo;s operations, valuing the Trust&rsquo;s net
                                         assets and the Shares daily with reference to the Pricing Index, or any other pricing
                                         methodology adopted by the Sponsor in its discretion (for the avoidance of doubt, the
                                         Sponsor may select such subsequent pricing methodology without Shareholder approval);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         connection with a hard fork of the Ethereum network to which the Sponsor has actual knowledge,
                                         determine, in good faith, whether the digital asset network running the modified or the
                                         extant Ethereum network software is generally accepted to be the Ethereum network and
                                         should therefore be considered to be Ethereum for the purposes of the Trust&rsquo;s ongoing
                                         operations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enter
                                         into an Authorized Participant Agreement with each Authorized Participant and discharge
                                         the duties and responsibilities of the Trust and the Sponsor thereunder;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receive
                                         directly or through its delegates from Authorized Participants and process or cause its
                                         delegates to process properly submitted purchase orders, as described in the Trust Agreement
                                         and in the Authorized Participant Agreement;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         connection with Purchase Orders, after accepting a Purchase Order and receiving the required
                                         amount of cash, the Sponsor or its delegate will direct the Transfer Agent to credit
                                         the Baskets to fill the Purchase Order within one Business Day immediately following
                                         the Purchase Order Date;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                     <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Receive
                                         directly or through its delegates from Authorized Participants and process or cause its
                                         delegates to process properly submitted Redemption Orders, as described in the Trust
                                         Agreement and in the Authorized Participant Agreement;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         connection with Purchase Orders, receive from Authorized Participants directly or through
                                         its delegates the required amount of cash;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         connection with Redemption Orders, after receiving the redemption order specifying the
                                         number of Baskets that the Authorized Participant wishes to redeem and after the Trust&rsquo;s
                                         DTC account has been credited with the Baskets the required amount of cash.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 U.S., 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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monitor
                                         all fees charged to the Trust, and the services rendered by the service providers to
                                         the Trust, to determine whether the fees paid by, and the services rendered to, the Trust
                                         are at competitive rates and are the best price and services available under the circumstances,
                                         and if necessary, renegotiate the fee structure to obtain such rates and services for
                                         the Trust;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Perform
                                         such other services as the Sponsor believes the Trust may from time to time require;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that a law (common or statutory) or in equity, the Sponsor has duties (including fiduciary duties) and liabilities
relating thereto to the Trust, the Shareholders or to any other person, 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 this Prospectus unless such reliance
constitutes gross negligence, bad faith, or willful misconduct on the part of the Sponsor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa019"></A>Liability
and Indemnification</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;under
no circumstances will the Trustee be personally liable for any representation, warranty, covenant, agreement, or indebtedness
of the Trust;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as expressly provided in Article III of the Trust Agreement, the Trustee acts 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; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee will not be liable for punitive, exemplary, consequential, special or other similar damages under any circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee or any officer, affiliate, director, employee, or agent of the Trustee (each, an &ldquo;Indemnified Person&rdquo;) will
be entitled to indemnification from the Sponsor or the Trust, to the fullest extent permitted by law, from and against any and
all losses, claims, taxes, damages, reasonable expenses, and liabilities (including liabilities under State or federal securities
laws) of any kind and nature whatsoever (collectively, &ldquo;Losses&rdquo;), to the extent that such Losses arise out of or are
imposed upon or asserted against such Indemnified Persons with respect to the creation, operation or termination of the Trust,
the execution, delivery or performance of the Trust Agreement or the transactions contemplated in the Trust Agreement; provided,
however, that the Sponsor and the Trust will not be required to indemnify any Indemnified Person for any Losses that are a result
of the willful misconduct, bad faith or gross negligence of such Indemnified Person. The obligations of the Sponsor and the Trust
to indemnify the Indemnified Persons will survive the termination of the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsor</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor will not be under any liability to the Trust, the Trustee or any Shareholder for any action taken or for refraining from
the taking of any action in good faith pursuant to the Trust Agreement, or for errors in judgment or for depreciation or loss
incurred by reason of the sale of any ether or other assets held in trust hereunder; provided, however, that this provision will
not protect the Sponsor against any liability to which it would otherwise be subject by reason of its own gross negligence, bad
faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation,
opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by
the Trustee, the Trustee&rsquo;s counsel or by any other Person for any matters arising hereunder. The Sponsor will in no event
be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly
provided for herein. The Trust will not incur the cost of that portion of any insurance which insures any party against any liability,
the indemnification of which is herein prohibited.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, as described in the Trust Agreement, (i) whenever a conflict of interest exists or arises between the Sponsor or any
of its Affiliates, on the one hand, and the Trust, on the other hand; or (ii) whenever the Trust Agreement or any other agreement
contemplated herein or therein provides that the Sponsor will act in a manner that is, or provides terms that are, fair and reasonable
to the Trust, the Sponsor will 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, 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 will not
constitute a breach of the Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Sponsor
at law or in equity or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor and its shareholders, members, directors, officers, employees, Affiliates and subsidiaries (each a &ldquo;Sponsor Indemnified
Party&rdquo;) will be indemnified by the Trust and held harmless against any loss, liability or expense incurred hereunder without
gross negligence, bad faith, or willful misconduct on the part of such Sponsor Indemnified Party 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. Any amounts payable to a Sponsor Indemnified Party under Section 4.06 of 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. The obligations
of the Trust to indemnify the Sponsor Indemnified Parties will survive the termination of the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa020"></A>Provisions
of Law</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to applicable law, indemnification of the Sponsor is payable only if the Sponsor determined, in good faith, that the act, omission
or conduct that gave rise to the claim for indemnification was in the best interest of the Trust and the act, omission or activity
that was the basis for such loss, liability, damage, cost or expense was not the result of negligence or misconduct and such liability
or loss was not the result of negligence or misconduct by the Sponsor, and such indemnification or agreement to hold harmless
is recoverable only out of the assets of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
of Federal and State Securities Laws</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
offering is made pursuant to federal and state securities laws. The SEC and state securities agencies take the position that indemnification
of the Sponsor that arises out of an alleged violation of such laws is prohibited unless certain conditions are met.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
conditions require that no indemnification of the Sponsor or any underwriter for the Trust may be made in respect of any losses,
liabilities or expenses arising from or out of an alleged violation of 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 party seeking
indemnification and the court approves the indemnification; (ii) such claim has been dismissed with prejudice on the merits by
a court of competent jurisdiction as to the party seeking indemnification; or (iii) a court of competent jurisdiction approves
a settlement of the claims against the party seeking indemnification and finds that indemnification of the settlement and related
costs should be made, provided that, before seeking such approval, the Sponsor or other indemnitee must apprise the court of the
position held by regulatory agencies against such indemnification. These agencies are the SEC and the securities administrator
of the State or States in which the plaintiffs claim they were offered or sold interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
of the 1933 Act and NASAA Guidelines</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the 1933 Act may be permitted to the Sponsor or its directors, officers, or persons
controlling the Trust, the Trust has been informed that the SEC and the various State administrators believe that such indemnification
is against public policy as expressed in the 1933 Act and the North American Securities Administrators Association, Inc. commodity
pool guidelines and is therefore unenforceable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa021"></A>Management;
Voting by Shareholders</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as required under applicable federal law or under the rules or regulations of an Exchange, Shareholders shall have no voting rights
hereunder (including with respect to mergers, consolidations or conversions of the Trust or transfers to or domestication in any
jurisdiction by the Trust or any other matters that under the Delaware Act default voting rights are provided to holders of beneficial
interests).The Shareholders shall have the right to vote on other matters only as the Sponsor may consider desirable and so authorize
in its sole discretion. To the extent that federal or Delaware law is amended, modified or interpreted by rule, regulation, order,
or no-action letter to (on a mandatory basis) expand, eliminate or limit Shareholders&rsquo; right to vote on any specific matter,
the Shareholders&rsquo; right to vote shall be deemed to be amended, modified or interpreted in accordance therewith without further
approval by the Sponsor or the Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa022"></A>Meetings</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meetings
of the Trust&rsquo;s Shareholders may be called by the Sponsor for such purposes as may be prescribed by law or the Trust Agreement.
All notices of meetings will be sent or otherwise given to each Shareholder of record not less than seven nor more than one hundred
twenty days before the date of the meeting in the manner determined by the Sponsor. The notice will specify: (a) the place, date
and hour of the meeting; and (b) the general nature of the business to be transacted. Shareholders may vote in person, by proxy,
or in any manner determined by the Sponsor at any such meeting. Except when a larger quorum is required by applicable law or by
the Trust Agreement, the presence (in person or by ballot) of thirty-three and one-third percent (33 1/3%) of the Shares entitled
to vote will constitute a quorum at a Shareholders&rsquo; meeting. Any action taken by Shareholders may be taken without a meeting
so long as Shareholders holding a majority of Shares entitled to vote on the matter (or such larger proportion thereof as will
be required by any express provision of this Trust Agreement or federal law) or holding a majority (or such larger proportion
as aforesaid) of the Shares entitled to vote separately on the matter consent to the action in writing or by other electronic
means. Such consent will be treated for all purposes as a vote taken at a meeting of Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa023"></A>Books
and Records</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust keeps its books of record and account at the office of the Sponsor located at 250 Montgomery Street, Suite 200, San Francisco,
CA 94104, or at the offices of the Administrator, or such office, including of an administrative agent, as it may subsequently
designate upon notice. The books and records are open to inspection by any person who establishes to the Trust&rsquo;s satisfaction
that such person is a Shareholder upon reasonable advance notice at all reasonable times during usual business hours of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust keeps a copy of the Trust Agreement on file in the Sponsor&rsquo;s office which will be available for inspection by any
Shareholder at all times during its usual business hours upon reasonable advance notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa024"></A>Statements,
Filings, and Reports to Shareholders</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
the end of each fiscal year, the Sponsor will cause to be prepared an annual report for the Trust containing audited financial
statements. The annual report will be in such form and contain such information as will be required by applicable laws, rules
and regulations and may contain such additional information which the Sponsor determines shall be included. The annual report
will be filed with the SEC and the Exchange and will be distributed to such persons and in such manner, as is required by applicable
laws, rules and regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor is responsible for the registration and qualification of the Shares under the federal securities laws. The Sponsor will
also prepare, or cause to be prepared, and file any periodic reports or updates required under the Exchange Act. The Administrator
will assist and support the Sponsor in the preparation of such reports.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Administrator will make such elections, file such tax returns, and prepare, disseminate and file such tax reports, as it is advised
to by its counsel or accountants or as required from time to time by any applicable statute, rule or regulation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa025"></A>Fiscal
Year</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fiscal year of the Trust is the calendar year. The Sponsor may select an alternate fiscal year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa026"></A>Governing
Law; Consent to Delaware Jurisdiction</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rights of the Sponsor, the Trust, DTC (as registered owner of the Trust&rsquo;s global certificate for Shares) and the Shareholders
are governed by the laws of the State of Delaware. The Sponsor, the Trust and DTC and, by accepting Shares, each DTC Participant
and each Shareholder, consent to the exclusive jurisdiction of the courts of the State of Delaware and any federal courts located
in Delaware. Such consent is not required for any person to assert a claim of Delaware jurisdiction over the Sponsor, the Trust.
However, pursuant to the Trust Agreement, this shall not apply to causes of action for violations of U.S. federal or state securities
laws. Section 22 of the 1933 Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce
any duty or liability created by the 1933 Act or the rules and regulations thereunder. Investors cannot waive compliance with
the federal securities laws and the rules and regulations thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa027"></A>Legal
Matters</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Litigation
and Claims</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
the past 5 years of the date of this Prospectus, there have been no material administrative, civil or criminal actions against
the Sponsor, the Trust or any principal or affiliate of any of them. This includes any actions pending, on appeal, concluded,
threatened, or otherwise known to them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
Opinion</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chapman
and Cutler LLP has advised the Sponsor in connection with the Shares being offered. Chapman and Cutler LLP also advises the Sponsor
with respect to its responsibilities as sponsor of, and with respect to matters relating to, the Trust. Certain opinions of counsel
have been filed with the SEC as exhibits to the Registration Statement of which this Prospectus is a part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa028"></A>Experts</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KPMG
LLP, 345 Park Avenue, New York, New York 10154-0102, an independent registered public accounting firm, is hereby named as an expert
in auditing and accounting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa029"></A>Material
Contracts</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund
Administration and Accounting Agreement</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Fund Administration and Accounting Agreement, the Administrator is generally responsible for the day-to-day administration
of the Trust. The responsibilities of the Administrator include (i) establishing appropriate expense accruals and compute expense
ratios, maintaining expense files and coordinating the payment of Trust approved invoices; (ii) calculating Trust approved income
and per Share amounts required for periodic distributions to be made by the Trust; (iii) calculating total return information;
(iv) coordinating the Trust&rsquo;s annual audit; (v) supplying various normal and customary portfolio and Trust statistical data
as requested on an ongoing basis; and (vi) preparing financial statements for the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
responsibilities of the Administrator also include providing various valuation and computation accounting services for the Trust,
including (i) maintaining certain financial books and records for the Trust, including creation and redemptions books and records,
and Trust accounting records; (ii) computing the Trust&rsquo;s NAV; (iii)&nbsp;obtaining quotes from pricing services as directed
and approved by the Sponsor, or if such quotes are unavailable, then obtaining such prices from the Sponsor, and in either case,
calculating the market value of the Trust&rsquo;s assets in accordance with the Trust&rsquo;s valuation policies or guidelines;
and (iv) transmitting or making available a copy of the daily portfolio valuation to the Sponsor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust will indemnify the Administrator and any affiliate of the Administrator (&ldquo;Indemnitees&rdquo;), and the Indemnitees
will incur no liability for its reliance upon (i) any law, act, regulation or interpretation of the same even though the same
may thereafter have been altered, changed, amended or repealed, (ii) the Trust&rsquo;s offering materials or documents (excluding
information provided by the Administrator), (iii) any instructions or (iv) any written opinion of legal counsel for the Trust
or the Administrator, or arising out of transactions or other activities of the Trust which occurred prior to the commencement
of the Fund Administration and Accounting Agreement; provided however, that the Trust shall not indemnify any Indemnitee for any
losses arising out of the Indemnitees&rsquo; own bad faith, gross negligence or willful misconduct in the performance of the Fund
Administration and Accounting Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Fund Administration and Accounting Agreement shall be effective commencing upon regulatory approval by the SEC permitting shares
of the Trust to be offered for sale, and, unless terminated pursuant to its terms, shall continue until 11:59 PM on the date which
is the third anniversary of such date (the &ldquo;Initial Term&rdquo;), at which time this Agreement shall terminate, unless renewed
in accordance with the terms hereof. The Fund Administration and Accounting Agreement shall automatically renew for successive
terms of one (1) year each (each, a &ldquo;Renewal Term&rdquo;), unless the Trust or the Administrator gives written notice to
the other party of its intent not to renew and such notice is received by the other party not less than ninety (90) days prior
to the expiration of the Initial Term or the then-current Renewal Term (a &ldquo;Non-Renewal Notice&rdquo;). In the event a party
provides a Non-Renewal Notice, the Fund Administration and Accounting Agreement shall terminate at 11:59 PM on the last day of
the Initial Term or Renewal Term, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer
Agency and Service Agreement</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Transfer Agency and Service Agreement, the Transfer Agent is generally responsible for the day-to-day administration of
the Trust. The responsibilities of the Transfer Agent include: (i) performing and facilitating the performance of purchases and
redemption of Baskets; (ii) preparing and transmitting by means of DTC&rsquo;s book entry system payments for dividends and distributions
on or with respect to the Shares, if any, declared by the Trust; (iii) maintaining the record of the name and address of the Shareholder
and the number of Shares issued by the Trust and held by the Shareholder; and (iv) recording the issuance of Shares of the Trust
and maintain a record of the total number of Shares of the Trust which are outstanding and authorized, based upon data provided
to it by the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Transfer Agency and Service Agreement will have a one-year initial term and will automatically be renewed for successive one-year
periods, unless terminated by either party pursuant to the terms of the agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
Custody Agreement</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Ether Custody Agreement, the Ether Custodian is responsible for providing the Trust with segregated cold wallet digital
asset custody. The Trust&rsquo;s assets with the Ether Custodian are held in segregated wallets and are therefore not commingled
with corporate or other customer assets. The Ether Custodian also segregates each of the accounts (comprising multiple wallets
in some cases) that a client (such as the Trust) may hold with the Ether Custodian, and each such account&rsquo;s balance represents
the account&rsquo;s on-chain balance, which can be independently verified by the client or third-party auditors as needed. This
approach applies to each asset supported by the Ether Custodian.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private
key materials are generated and subsequently stored in a form whereby no private key is stored in a decrypted format. The private
key materials are stored within the Ether Custodian&rsquo;s secure storage facilities within the U.S. and Europe. For security
reasons, these exact locations are never disclosed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Personnel
supporting key operations are very limited and the Ether Custodian requires a background check prior to onboarding, and where
required, annually thereafter. No single individual associated with the Ether Custodian has access to full private keys. Private
key decryption and subsequent transaction signing instead require access to multiple systems and human operators in order to reconstitute
a key and perform an on-chain transaction. For security purposes, the Ether Custodian does not disclose specifics around the roles
and numbers of individuals involved in these processes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ether Custodian&rsquo;s parent, Coinbase Global, maintains a commercial crime insurance policy of up to $320 million, which is
intended to cover the loss of client assets held by Coinbase Global and all of its subsidiaries, including the Ether Custodian
and the Prime Execution Agent (collectively, the Coinbase Insureds), including from employee collusion or fraud, physical loss
including theft, damage of key material, security breach or hack, and fraudulent transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ether Custodian maintains an Internal Audit team that performs periodic internal audits over custody operations. SOC attestations
are also performed on the Ether Custodian&rsquo;s services. The SOC 1 Type 2 and SOC 2 Type 2 reports produced cover private key
management controls. A SOC 1 Type 2 report addresses the controls at a service organization that are likely to be relevant to
user entities&rsquo; internal control over financial reporting. A SOC 2 Type 2 report addresses controls at a service organization
relevant to security, availability, processing integrity, confidentiality, or privacy in order to support users&rsquo; evaluations
of their own systems of internal control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ether Custodian will not be liable for any amount greater than the value of the supported digital assets on deposit in the Trust&rsquo;s
custodial account(s) at the time of the event giving rise to the liability, subject further to the maximum liability limit of
$100 million for each cold storage address.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ether Custody Agreement, which is a part of the Prime Execution Agreement, was effective as of the Prime Execution Agreement&rsquo;s
execution on May 30, 2024 and will remain in effect until terminated by either the Trust, the Ether Custodian or the Prime
Execution Agent. The Ether Custodian may terminate the Ether Custody Agreement for any reason upon providing the applicable notice
to the Trust, or immediately for &ldquo;Cause&rdquo; (as defined in the Ether Custody Agreement), including, among others, if the
Trust: materially breaches the Prime Execution Agreement and such breach remains uncured, undergoes a bankruptcy event, or fails to
repay Trade Credits. The Ether Custodian may terminate the Ether Custody Agreement for any reason upon providing 180 days&rsquo;
notice to the Trust, or immediately for &ldquo;Cause&rdquo;. The Ether Custody Agreement forms a part of the Prime Execution
Agreement, and is subject to the termination provisions in the Prime Execution Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
the Sponsor nor the Trust has given any instructions to the Ether Custodian as it relates to Incidental Rights and/or IR Assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prime
Execution Agreement</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Prime Execution Agreement, the Trust&rsquo;s ether holdings and cash holdings from time to time may be temporarily held
with the Prime Execution Agent, an affiliate of the Ether Custodian, in the Trading Balance, for certain limited purposes, including
in connection with creations and redemptions of Baskets and the sale of ether to pay Trust expenses not assumed by the Sponsor.
The Sponsor may, in its sole discretion, add or terminate prime execution agents at any time. The Sponsor may, in its sole discretion,
change the prime execution agent for the Trust, but it will have no obligation whatsoever to do so or to seek any particular terms
for the Trust from other such prime execution agents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
the Trust&rsquo;s Trading Balance, the Prime Execution Agreement provides that the Trust does not have an identifiable claim to
any particular ether (and cash). Instead, the Trust&rsquo;s Trading Balance represents an entitlement to a pro rata share of the
ether (and cash) the Prime Execution Agent holds on behalf of customers who hold similar entitlements against the Prime Execution
Agent. In this way, the Trust&rsquo;s Trading Balance represents an omnibus claim on the Prime Execution Agent&rsquo;s ether (and
cash) held on behalf of the Prime Execution Agent&rsquo;s customers. The Prime Execution Agent holds the ether associated with
customer entitlements across a combination of omnibus cold wallets, omnibus &ldquo;hot wallets&rdquo; (meaning wallets whose private
keys are generated and stored online, in Internet-connected computers or devices) or in omnibus accounts in the Prime Execution
Agent&rsquo;s name on a trading venue (including third-party venues and the Prime Execution Agent&rsquo;s own execution venue)
where the Prime Execution Agent executes orders to buy and sell ether on behalf of its clients.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Prime Execution Agreement, the Trust may engage in sales of ether by placing orders with the Prime Execution Agent. The
Prime Execution Agent will route orders placed by the Sponsor through the prime execution agent execution platform (the &ldquo;Trading
Platform&rdquo;) to a Connected Trading Venue where the order will be executed. Each order placed by the Sponsor will be sent,
processed and settled at each Connected Trading Venue to which it is routed. The Prime Execution Agreement provides that the Prime
Execution Agent is subject to certain conflicts of interest, including: (i) the Trust&rsquo;s orders may be routed to the Prime
Execution Agent&rsquo;s own execution venue where the Trust&rsquo;s orders may be executed against other customers of the Prime
Execution Agent or with the Coinbase acting as principal, (ii) the beneficial identity of the counterparty purchaser or seller
with respect to the Trust&rsquo;s orders may be unknown and therefore may inadvertently be another client of the Prime Execution
Agent, (iii) the Prime Execution Agent does not engage in front-running, but is aware of the Trust&rsquo;s orders or imminent
orders and may execute a trade for its own inventory (or the account of an affiliate) while in possession of that knowledge and
(iv) the Prime Execution Agent may act in a principal capacity with respect to certain orders. As a result of these and other
conflicts, when acting as principal, the Prime Execution Agent may have an incentive to favor its own interests and the interests
of its affiliates over the Trust&rsquo;s interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Execution Agent is permitted to suspend or terminate the Prime Execution Agreement under certain circumstances. The Prime
Execution Agent, for itself or as agent for the Ether Custodian and Trade Credit Lender, may not terminate the Prime Execution
Agreement (including the Ether Custody Agreement) or suspend, restrict terminate or modify the Prime Execution Agent Services
(as such term is defined in the Agreement) on less than 180 days&rsquo; notice, except in the event of (i) a Change in Law or
(ii) a &ldquo;Cause&rdquo; event (as such term is defined in the Agreement). The Prime Execution Agreement defines &ldquo;Prime
Execution Agent Services as (i) the custody of the Trust&rsquo;s ether in the Trust Ether Account, the processing of deposits
and withdrawals and other custody transactions, (ii) access to the Prime Execution Agent&rsquo;s trading platform and the execution
and settlement of all orders for the sale of ether submitted by the Trust, and (iii) the extension of credit to the Trust by the
Trade Credit Lender pursuant to the Trade Financing Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Prime Execution Agreement, including the Ether Custody Agreement, was effective as of its execution on May 30, 2024 and will
remain in effect until terminated by either the Trust or the Prime Execution Agent. The Trust may terminate the Prime Execution
Agreement, including the Ether Custody Agreement, in whole or in part for any reason upon 30 days&rsquo; notice to the Prime Execution
Agent, for itself or as agent on behalf of the Ether Custodian or Trade Credit Lender, or upon a Coinbase Termination Event. The
Prime Execution Agreement defines a &ldquo;Coinbase Termination Event&rdquo; to mean the occurrence and continuance of (i) a Bankruptcy
Event with respect to any Coinbase Entity, (ii) the failure of any Coinbase Entity to sell or withdraw or transfer the Trust&rsquo;s
ether in accordance with the Trust&rsquo;s instructions within the time periods set forth in the Prime Execution Agreement and
such failure is not cured within two (2) business days following the Trust providing written notice to the relevant Coinbase Entity
(&ldquo;CB Return Cure&rdquo;); provided, however, that (A) if, prior to the expiration of the CB Return Cure, the Prime Execution
Agent transfers cash to the Trust in an amount equal to the value of the ether based on the Benchmark Valuation (defined as the
Pricing Index) as of the time that the request to sell, transfer or withdraw was originally made by the Trust (the &ldquo;ETH
Cash Value&rdquo;) or if the Prime Execution Agent delivers cash collateral to an account designated by the Trust and in which
the Trust has a perfected, first priority security interest and in an amount equal to the ETH Cash Value until the relevant ether
is sold, withdrawn or transferred or the Trust elects to receive such amount in cash in lieu of the Prime Execution Agent&rsquo;s
obligation to sell, withdraw or transfer the relevant ether, in each cash, such failure will be deemed cured; provided, further
that, the Trust shall have the right to choose whether to receive the ETH Cash Value in lieu of the relevant ether or receive
the ETH Cash Value as cash collateral, or (B) if such failure is due to a technology or security issue where, in the commercially
reasonable opinion of the Prime Execution Agent, returning the relevant ether would result in material risk to the Trust or the
Prime Execution Agent or may result in the relevant ether being lost or otherwise not successfully returned and the Prime Execution
Agent promptly notifies the Trust promptly upon Client&rsquo;s notice of such failure, (1) the Trust may request that the Prime
Execution Agent still sell, withdraw or transfer the ether, but the Prime Execution Agent will have no liability with respect
to any such sell, withdrawal or transfer (unless the Prime Execution Agent or any of the Coinbase Entities act with negligence
unrelated to such technology or security issue) and any failure to withdraw or transfer shall not result in a Coinbase Termination
Event if the Trust does not receive the withdrawn or transferred ether or the proceeds of any such sale due to such technology
or security issue, or (2) if the Trust does not elect to have the Prime Execution Agent still make the sale, withdrawal or transfer,
a Coinbase Termination Event shall not occur while the relevant security or technology event is occurring and continuing, (iii)
the failure of any Coinbase Entity to withdraw or transfer cash to the Trust in accordance with the Trust&rsquo;s instructions
within the time periods set forth in the Prime Execution Agreement and such failure is not cured within one (1) Business Day following
the Trust providing written notice to the relevant Coinbase Entity, (iv) a Coinbase Entity intentionally or willfully, materially
breaches any provision of the Prime Execution Agreement (other than the provisions of the Ether Custody Agreement) and such breach
remains uncured for a period of 10 calendar days after notice of such breach is provided by the Trust to the Prime Execution Agent;
or (v) a Coinbase Entity intentionally or willfully, materially breaches any provision of the Ether Custody Agreement and such
breach remains uncured for a period of 30 calendar days after notice of such breach is provided by the Trust to the Prime Execution
Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
Financing Agreement</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trade Financing Agreement was entered into between the Trust (as &ldquo;Borrower&rdquo;), Coinbase Credit (&ldquo;Lender&rdquo;),
Coinbase, Inc. (&ldquo;Agent&rdquo; or &ldquo;Coinbase&rdquo;), and Coinbase Custody as agent with respect to the Trust&rsquo;s
balance of ether held in the Trust Ether Account pursuant to the Ether Custody Agreement to govern the extension of credit from
Coinbase Credit to the Trust for use in connection with trading ether on Coinbase Inc.&rsquo;s Trading Platform.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of the Trade Financing Agreement, Lender agrees to lend to the Trust a specific quantity of cash and/or ether (Trade
Credits) in connection with the purchase or sale of ether via the Coinbase Inc.&rsquo;s Trading Platform for use on the Trading
Platform up to the Authorized Amount. The &ldquo;Authorized Amount&rdquo; shall mean the aggregate U.S. dollar notional amount
of Trade Credits that Lender has agreed to extend to the Trust during any Defined Interval. &ldquo;Defined Interval&rdquo; means
a twenty-four (24) hour period starting at 6:00 A.M. ET (or such other time as may be notified by Lender to Trust from time to
time) on any day that Lender has extended Trade Credit to Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust and Lender agree that the Trust may use the Trade Credits exclusively for the purpose of the execution of trades on the
Trading Platform. Lender is under no obligation to continue to provide Trade Credits and may in its sole discretion impose black-out
periods during which Trade Credits for any or all fiat currencies and/or digital assets (including U.S. dollars and ether) may
be unavailable, provided, however, that Lender will provide the Trust with advance notice of such black-out periods if feasible
to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lender
will establish in the name of the Trust a ledger entry for purposes of tracking Trade Credits extended by Lender (&ldquo;Trade
Finance Debit Account&rdquo;). The Trade Finance Debit Account shall reflect the cumulative Trade Credits that Lender has extended
during each Defined Interval, both in terms of the aggregate notional value of the Trade Credits and the Trade Credits denominated
in specific digital assets (such as ether). The Trade Finance Debit Account shall be conclusive, absent manifest error, of the
amount of Trade Credits extended by the Lender to the Trust. &ldquo;Defined Interval&rdquo; shall mean a twenty-four (24) hour
period starting at 6:00 A.M. ET (or such other time as may be notified by Lender to Trust from time to time) on any day that Lender
has extended Trade Credit to Trust. For the avoidance of doubt, in the event that Lender extends Trade Credit to the Trust prior
to 6:00 A.M. ET on any given day, such notional amount of Trade Credit shall be included in the aggregation of the Authorized
Amount for the immediately prior day. Lender or Agent may revise the Defined Interval time period referenced above upon 5 business
days prior notice to the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trade Financing Agreement, the Lender and the Trust agreed that any digital assets (including ether) and any item of property
(whether investment property, financial asset, security, general intangible or instrument (each as defined in the UCC) or cash)
and all proceeds of the foregoing, credited to the Trust&rsquo;s Trading Balance and Trust Ether Account shall be treated as a
&ldquo;financial asset&rdquo; within the meaning of NY UCC &sect;8-102(a)(9). The Trust granted to Lender and Agent a continuing
first priority security interest in, lien on and right of set off against all of the Trust&rsquo;s right, title and interest,
whether now owned or existing or hereafter acquired or arising, in the Trust&rsquo;s Trading Balance and Trust Ether Account together
with proceeds thereof, in order to secure (i)&nbsp;repayment of Trade Credits to Lender, (ii) payment of all fees and other amounts
owed by the Trust to Lender or Agent hereunder, and (iii) all other obligations of the Trust to the Lender and Agent arising hereunder
from time to time. In addition, the Trust shall execute such documents and take such other actions as the Lender or Agent shall
reasonably request in order to perfect and maintain the priority of the Lender&rsquo;s and Agent&rsquo;s security interest with
respect to Trust&rsquo;s Trading Balance and the Trust Ether Account. For purposes of perfecting Lender&rsquo;s security interest
in the Trading Balance, Agent holds the Trust&rsquo;s Trading Balance for itself and also as agent for Lender, and has control
over the Trust&rsquo;s Trading Balance for its own benefit and for the benefit and on behalf of Lender. Agent agrees to follow
entitlement orders of Lender as secured party with respect to the Trading Balance without further consent of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust agrees to fully repay to Lender the Trade Credits extended during a Defined Interval by the Settlement Deadline for that
Defined Interval. The &ldquo;Settlement Deadline&rdquo; shall mean 6:00 P.M. Eastern Time on the calendar day immediately following
the start of a Defined Interval. The Trust is permitted to repay the Trade Credits at any time during the Defined Interval. Failure
of the Trust to fully repay the Trade Credits by the Settlement Deadline may result in an Event of Default (as such term is defined
in the agreement). The Trust must repay Lender with the same type of asset that Lender provided in extending the applicable Trade
Credit. The Trust&rsquo;s repayment obligation shall be satisfied only when Lender receives good funds for cash Trade Credits
or ether for ether Trade Credits. All cash repayments must be made to Lender in good funds by the Settlement Deadline, regardless
of whether the Federal Reserve wire transfer system is open for business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the occurrence of an Event of Default: (a) any outstanding extension of Trade Credit shall be immediately due and payable; (b)
in addition to all rights under the Coinbase Prime Broker Agreement, Lender or Agent may exercise any rights of a secured creditor
with respect to its interests in the Trust&rsquo;s assets, and may exercise all other rights under Agreements between the Trust
and Lender, Agent or Coinbase Custody, including the Lender&rsquo;s, Agent&rsquo;s or Coinbase Custody&rsquo;s rights under the
Coinbase Prime Broker Agreement. Lender and Agent agree that they will exercise their secured creditor rights with respect to
the Trading Balance before exercising their secured creditor rights with respect to the Trust Ether Account; (c) the Trust authorizes
Agent, as securities intermediary with respect to the Trading Balance, to comply with all instructions and entitlement orders
from Lender, as secured party, with respect to the disposition of assets in the Trust&rsquo;s Trading Balance as contemplated
herein without further consent or direction from the Trust or any other party. The Trust also authorizes Coinbase Custody, as
securities intermediary with respect to the Trust Ether, to comply with all instructions and entitlement orders from Lender or
Agent, as secured party, with respect to the disposition of assets in the Trust Ether Account. Coinbase Custody agrees to follow
such instructions and entitlement orders; (d) Without prior notice to the Trust, Lender shall have the right to instruct Agent
(and Agent agrees to comply with such instruction) to: (i) transfer the Trust&rsquo;s Client Assets from the Trust&rsquo;s Trading
Balance to the Lender to repay the unpaid Trade Credits, and/or (ii) liquidate or cancel outstanding orders (including Orders
that have been submitted or are in the process of being fulfilled); and (e) without prior notice to the Trust, Lender may suspend
or terminate the Trust&rsquo;s ability to receive extensions of Trade Credits, regardless of whether the Trust has cured the Event
of Default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 126; Value: 81 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the above actions are not sufficient to satisfy all obligations of the Trust to Lender and Agent, Lender or Agent shall have the
right to liquidate any and all of the Trust&rsquo;s assets and positions held with Lender or Agent, including the Trading Balance
and the Trust Ether Account, to cover any losses incurred by the Trust&rsquo;s failure to repay the Trade Credits. In connection
with liquidating such assets, the Trust authorizes Lender or Agent, on Lender&rsquo;s behalf, in Lender&rsquo;s sole discretion,
to liquidate any of the Trust&rsquo;s ether in a commercially reasonable sale at the market price. The Trust understands that
the value of ether may rise or fall quickly, and neither Lender nor Agent has any obligation to liquidate the Trust&rsquo;s ether
at a time that provides the best price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
parties to the Trade Financing Agreement may terminate the agreement immediately upon giving the other party written notice. Upon
notice of termination, all outstanding extensions of Trade Credits shall become due and payable immediately. All obligations of
the Trust with respect to outstanding Trade Credits and other amounts due hereunder, and rights of Lender and Agent in connection
therewith shall survive the termination of the Trade Financing Agreement, including Lender&rsquo;s and Agent&rsquo;s security
interest in the Trust Trading Balance and Trust Ether Account and Lender, Agent&rsquo;s and Coinbase Custody&rsquo;s right of
set-off under the Prime Execution Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
Custody Agreement</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust has entered into the Cash Custody Agreement with The Bank of New York Mellon under which The Bank of New York Mellon acts
as custodian of the Trust&rsquo;s cash and cash equivalents (in such capacity, the &ldquo;Cash Custodian&rdquo;). The Cash Custodian
has agreed to provide its services under the Cash Custody Agreement until terminated in accordance with the provisions of the
Cash Custody Agreement. Either the Cash Custodian or the Trust may terminate the Cash Custody Agreement by giving written notice
to the counterparty as set forth in the Cash Custody Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fees of the Cash Custodian are paid by the Trust. In addition, the Trust shall reimburse the Cash Custodian for any out-of-pocket
and incidental expenses incurred by the Cash Custodian in connection with the Cash Custody Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cash Custodian shall exercise the standard of care and diligence that a professional custodian would observe in these affairs
taking into account the prevailing rules, practices, procedures and circumstances in the relevant market (&ldquo;Standard of Care&rdquo;).
Except as otherwise expressly provided in the Cash Custody Agreement, the Cash Custodian&rsquo;s liability arising out of or relating
to the Cash Custody Agreement shall be limited solely to those direct damages that are caused by the Cash Custodian&rsquo;s failure
to perform its obligations under the Cash Custody Agreement in accordance with the Standard of Care. The Trust agrees to indemnify
the Cash Custodian and hold the Cash Custodian harmless from and against all losses, costs, expenses, damages and liabilities(including
reasonable counsel fees and expenses) incurred by the Cash Custodian arising out of or relating to the Cash Custodian&rsquo;s
performance under the Cash Custody Agreement, except to the extent resulting from the Cash Custodian&rsquo;s failure to perform
its obligations under the Cash Custody Agreement in accordance with the Standard of Care. The Cash Custody Agreement is governed
by the substantive laws of the state of New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marketing
Agent Agreement</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Marketing Agent Agreement, the Marketing Agent is generally responsible for the day-to-day administration of the Trust.
The responsibilities of the Marketing Agent include (i) at the request of the Trust, assisting the Trust with facilitating Authorized
Participant Agreements between and among Authorized Participants, the Trust, and the applicable Transfer Agent, for the creation
and redemption of Baskets of the Trust; (ii)&nbsp;maintaining copies of confirmations of Basket creation and redemption order
acceptances and producing such copies upon reasonable request from the Trust or Sponsor; (iii) making available copies of the
Prospectus to Authorized Participants who have purchased Baskets in accordance with the Authorized Participant Agreements; (iv)
maintaining telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent; (v) reviewing
and approving, prior to use, certain Trust marketing materials submitted by the Trust for review (&ldquo;Marketing Materials&rdquo;)
for compliance with applicable SEC and FINRA advertising rules, and filing all such Marketing Materials required to be filed with
FINRA; (vi) ensuring that all direct requests by Authorized Participants for Prospectuses are fulfilled; and (vii) working with
the Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the Transfer Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust shall indemnify, defend and hold the Marketing Agent, its affiliates and each of their respective members, managers, directors,
officers, employees, representatives and any person who controls or previously controlled the Marketing Agent within the meaning
of Section 15 of the 1933 Act (collectively, the &ldquo;Marketing Agent Indemnitees&rdquo;), free and harmless from and against
any and all losses, claims, demands, liabilities, damages and expenses (including the costs of investigating or defending any
alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith)
(collectively, &ldquo;Losses&rdquo;) that any Marketing Agent Indemnitee may incur arising out of or relating to (i) the Trust&rsquo;s
breach of any of its obligations, representations, warranties or covenants contained in the Marketing Agent Agreement; (ii) the
Trust&rsquo;s failure to comply in all material respects with any applicable laws, rules or regulations; or (iii) any claim that
the Prospectus, sales literature and advertising materials or other information filed or made public by the Trust (as from time
to time amended) includes or included an untrue statement of a material fact or omits or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein not misleading provided, however, that the Trust&rsquo;s
obligation to indemnify any of the Marketing Agent Indemnitees shall not be deemed to cover any Losses arising out of any untrue
statement or alleged untrue statement or omission or alleged omission made in the Prospectus or any such advertising materials
or sales literature or other information filed or made public by the Trust in reliance upon and in conformity with information
provided by the Marketing Agent to the Trust, in writing, for use in such Prospectus or any such advertising materials or sales
literature.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Marketing Agreement shall continue in effect for two years. Thereafter, if not terminated, the Marketing Agreement shall continue
automatically in effect for successive one-year periods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa030"></A>United
States Federal Income Tax Consequences</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion of the material U.S. federal income tax consequences that generally will apply to the purchase, ownership
and disposition of Shares by a U.S. Shareholder (as defined below), and certain U.S. federal income consequences that may apply
to an investment in Shares by a Non-U.S. Shareholder (as defined below), represents, insofar as it describes conclusions as to
U.S. federal income tax law and subject to the limitations and qualifications described therein, the opinion of Chapman and Cutler
LLP, special U.S. federal income tax counsel to the Sponsor. The discussion below is based on the Internal Revenue Code of 1986
(the &ldquo;Code&rdquo;), Treasury Regulations promulgated thereunder and judicial and administrative interpretations of the Code,
all as in effect on the date of this Prospectus and all of which are subject to change either prospectively or retroactively.
The tax treatment of Shareholders may vary depending upon their own particular circumstances. Certain Shareholders (including
but not limited to banks, financial institutions, insurance companies, regulated investment companies, real estate investment
trusts, tax-exempt organizations, tax-exempt or tax-advantaged retirement plans or accounts, brokers or dealers, traders, partnerships
for U.S. federal income tax purposes, persons holding Shares as a position in a &ldquo;hedging,&rdquo; &ldquo;straddle,&rdquo;
&ldquo;conversion,&rdquo; &ldquo;constructive sale&rdquo; or other integrated transaction for U.S. federal income tax purposes,
persons whose &ldquo;functional currency&rdquo; is not the U.S. dollar, persons with &ldquo;applicable financial statements&rdquo;
within the meaning of Section 451(b) of the Code, or other investors with special circumstances) may be subject to special rules
not discussed below. In addition, the following discussion applies only to investors who will hold Shares as &ldquo;capital assets&rdquo;
within the meaning of Section 1221 of the Code. Moreover, the discussion below does not address the effect of any state, local
or foreign tax law consequences that may apply to an investment in Shares. Purchasers of Shares are urged to consult their own
tax advisers with respect to all federal, state, local and foreign tax law considerations potentially applicable to their investment
in Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this discussion, a &ldquo;U.S. Shareholder&rdquo; is a Shareholder that is:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         individual who is treated as a citizen or resident of the U.S. for U.S. federal income
                                         tax purposes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         corporation (or entity treated as a corporation for U.S. federal income tax purposes)
                                         created or organized in or under the laws of the U.S., any state thereof or the District
                                         of Columbia;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         estate, the income of which is includible in gross income for U.S. federal income tax
                                         purposes regardless of its source; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         trust, if a court within the U.S. is able to exercise primary supervision over the administration
                                         of the trust and one or more U.S. persons have the authority to control all substantial
                                         decisions of the trust, or a trust that has made a valid election under applicable Treasury
                                         Regulations to be treated as a domestic trust.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Shareholder that is not a U.S. Shareholder as defined above is considered a &ldquo;Non-U.S. Shareholder&rdquo; for purposes of
this discussion. If a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax purposes
holds Shares, the tax treatment of a partner generally depends upon the status of the partner and the activities of the partnership.
If you are a partner of a partnership holding Shares, the discussion below may not be applicable and we urge you to consult your
own tax adviser for the U.S. federal income tax implications of the purchase, ownership and disposition of such Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
of the Trust</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor and the Trustee will treat the Trust as a &ldquo;grantor trust&rdquo; for U.S. federal income tax purposes. In the opinion
of Chapman and Cutler LLP, although not free from doubt due to the lack of directly governing authority, the Trust should be classified
as a &ldquo;grantor trust&rdquo; for U.S. federal income tax purposes (and the following discussion assumes such classification).
As a result, the Trust itself should not be subject to U.S. federal income tax. Instead, the Trust&rsquo;s income and expenses
should &ldquo;flow through&rdquo; to the Shareholders, and the Trustee will report the Trust&rsquo;s income, gains, losses and
deductions to the Internal Revenue Service (the &ldquo;IRS&rdquo;) on that basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
opinion of Chapman and Cutler LLP represents only its best legal judgment and is not binding on the IRS or any court. Accordingly,
there can be no assurance that the IRS will agree with the conclusions of counsel&rsquo;s opinion and it is possible that the
IRS or another tax authority could assert a position contrary to one or all of those conclusions and that a court could sustain
that contrary position. Neither the Sponsor nor the Trustee will request a ruling from the IRS with respect to the classification
of the Trust for U.S. federal income tax purposes or with respect to any other matter. Because of the evolving nature of digital
assets, it is not possible to predict potential future developments that may arise with respect to digital assets, including forks,
airdrops and other similar occurrences. Assuming that the Trust is currently a grantor trust for U.S. federal income tax purposes,
certain future developments could render it impossible, or impracticable, for the Trust to continue to be treated as a grantor
trust for such purposes. If the IRS were to assert successfully that the Trust is not classified as a &ldquo;grantor trust,&rdquo;
the Trust would likely be classified as a partnership for U.S. federal income tax purposes, which may affect the timing and other
tax consequences to the Shareholders, and might be classified as a publicly traded partnership that would be taxable as a corporation
for U.S. federal income tax purposes, in which case the Trust would be taxed in the same manner as a regular corporation on its
taxable income and distributions to Shareholders out of the earnings and profits of the Trust would be taxed to Shareholders as
ordinary dividend income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uncertainty
Regarding the U.S. Federal Income Tax Treatment of Digital Assets</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
beneficial owner of Shares will be treated for U.S. federal income tax purposes as the owner of an undivided interest in the ether
held in the Trust. Due to the new and evolving nature of digital assets and the absence of comprehensive guidance with respect
to digital assets, many significant aspects of the U.S. federal income tax treatment of digital assets are uncertain.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2014, IRS released a notice (the &ldquo;Notice&rdquo;) discussing certain aspects of the treatment of &ldquo;convertible virtual
currency&rdquo; (including, without limitation, ether) for U.S. federal income tax purposes. In the Notice, the IRS stated that,
for U.S. federal income tax purposes, (i) such digital assets are property, (ii) are not &ldquo;currency&rdquo; for purposes of
the provisions of the Code relating to foreign currency gain or loss and (iii) may be held as a capital asset. Later, the IRS
released a revenue ruling and a set of &ldquo;Frequently Asked Questions&rdquo; (the &ldquo;2019 Ruling &amp; FAQs&rdquo;) that
provide some additional guidance, including guidance to the effect that, under certain circumstances, hard forks of digital assets
are taxable events giving rise to ordinary income and guidance with respect to the determination of the tax basis of digital assets.
Recently, the IRS release additional guidance confirming that staking income paid in digital assets is included in gross income.
(the &ldquo;2023 Ruling,&rdquo; the 2019 Ruling and the 2023 Ruling, the &ldquo;Rulings&rdquo;) However, the Notice and the Rulings
&amp; FAQs do not address other significant aspects of the U.S. federal income tax treatment of digital assets. Moreover, although
the Rulings &amp; FAQs address the treatment of hard forks, there continues to be significant uncertainty with respect to the
timing and amount of the income inclusions. While the Rulings &amp; FAQs do not address most situations in which airdrops occur,
it is clear from the reasoning of the Rulings &amp; FAQs that the IRS generally would treat an airdrop as a taxable event giving
rise to ordinary income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
can be no assurance that the IRS will not alter its position with respect to digital assets in the future or that a court would
uphold the treatment set forth in the Notice and the Ruling &amp; FAQs. It is also unclear what additional guidance on the treatment
of digital assets for U.S. federal income tax purposes may be issued in the future. Any such alteration of the current IRS positions
or additional guidance could result in adverse tax consequences for Shareholders and could have an adverse effect on the prices
of digital currencies, including the price of ether, and therefore could have an adverse effect on the value of Shares. Future
developments that may arise with respect to digital assets may increase the uncertainty with respect to the treatment of digital
assets for U.S. federal income tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, El Salvador has recently announced that it is making ether legal tender in El Salvador. If the IRS recognizes ether as
a &ldquo;foreign currency,&rdquo; the tax consequences of an investment in the Trust will change. Gains or loss in respect of
foreign currencies is generally ordinary gain or loss. In general, entering or acquiring forward contracts, futures contracts,
options or similar financial instruments is treated as a foreign currency contract that produces ordinary gain or loss. However,
ordinary gain or loss treatment does not apply (unless elected) to contracts which require delivery of, or the settlement of which
depends on the value of, a foreign currency in respect of which positions are traded through regulated futures contracts. Instead,
such contracts are treated as having 60% long term capital gain or loss and 40% short term capital gain or loss. Such contracts
are also required to be marked to market at the end of each year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
remainder of this discussion assumes that ether, and any Incidental Rights or IR Assets that the Trust may hold, is properly treated
for U.S. federal income tax purposes as property that may be held as a capital asset and that is not currency for purposes of
the provisions of the Code relating to foreign currency gain and loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
are urged to consult their tax advisers regarding the tax consequences of an investment in the Trust and in digital currencies
in general, including, in the case of Shareholders that are generally exempt from U.S. federal income taxation, whether such Shareholders
may recognize &ldquo;unrelated business taxable income&rdquo; (&ldquo;UBTI&rdquo;) as a consequence of a fork, airdrop or similar
occurrence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incidental
Rights and IR Assets</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Trust may come into possession of rights incident to its ownership of ether, which permit the Trust to acquire,
or otherwise establish dominion and control over, other digital assets. These rights are generally expected to be Forked Assets
that arise in connection with hard forks in the Ethereum blockchain, airdrops offered to holders of ether and digital assets arising
from other similar events without any action of the Trust or of the Sponsor or Trustee on behalf of the Trust. These rights are
referred to as &ldquo;Incidental Rights&rdquo; and any digital assets acquired through Incidental Rights are referred to as &ldquo;IR
Assets.&rdquo; Pursuant to the Trust Agreement, the Trust has explicitly disclaimed all Incidental Rights and IR Assets. Such
assets are not considered assets of the Trust at any point in time and will not be taken into account for purposes of determining
the Trust&rsquo;s NAV and the NAV per Share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Trust Agreement, to the extent that the Trust receives such assets in a Trust wallet, it will, as soon as practicable,
and, if possible, immediately, distribute such assets to the Sponsor. At such time, the Incidental Right(s) and/or IR Asset(s)
will be the property of the Sponsor. Once acquired, the Sponsor, subject a reasonable, good faith determination, may take any
lawful action necessary or desirable in connection with its acquisition of such assets. In the event that the Sponsor decides
to sell the Incidental Right(s) and/or IR Asset(s), it will seek to do so for cash. This may be a sale of the Incidental Right(s)
and/or IR Asset(s) directly in exchange for cash, or in exchange for another digital asset which may subsequently be exchanged
for cash. The Sponsor would then contribute that cash back to the Trust, which in turn would distribute the cash to DTC to be
distributed to Shareholders in proportion to the number of Shares owned. Such distribution would generally be a taxable event
giving rise to ordinary income for a U.S. Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
of U.S. Shareholders</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
will be treated, for U.S. federal income tax purposes, as if they directly owned a pro rata share of the underlying assets held
in the Trust. Shareholders also will be treated as if they directly received their respective pro rata shares of the Trust&rsquo;s
income, if any, and as if they directly incurred their respective pro rata shares of the Trust&rsquo;s expenses. In the case of
a Shareholder that acquires its Shares as part of the creation of a Basket, the delivery of ether to the Trust in exchange for
a pro rata share of the underlying ether represented by the Shares will not be a taxable event to the Shareholder, and the Shareholder&rsquo;s
tax basis and holding period for the Shareholder&rsquo;s pro rata share of the ether held in the Trust will be the same as its
tax basis and holding period for the ether delivered in exchange therefor. For purposes of this discussion, and unless stated
otherwise, it is assumed that all of a Shareholder&rsquo;s Shares are acquired on the same date and at the same price per Share.
Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should consult their
own tax advisers as to the determination of the tax basis and holding period for the underlying ether related to such Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ether
may be used to pay certain expenses of the Trust, which under current IRS guidance will be treated as a sale of such ether. If
the Trust sells ether (for example to generate cash to pay fees or expenses) or is treated as selling ether (for example by using
ether to pay fees or expenses), a Shareholder will recognize gain or loss in an amount equal to the difference between (a) the
Shareholder&rsquo;s pro rata share of the amount realized by the Trust upon the sale and (b) the Shareholder&rsquo;s tax basis
for its pro rata share of the ether that was sold. A Shareholder&rsquo;s tax basis for its share of any ether sold by the Trust
should generally be determined by multiplying the Shareholder&rsquo;s total basis for its share of all of the ether held in the
Trust immediately prior to the sale, by a fraction the numerator of which is the amount of ether sold, and the denominator of
which is the total amount of the ether held in the Trust immediately prior to the sale. After any such sale, a Shareholder&rsquo;s
tax basis for its pro rata share of the ether remaining in the Trust should be equal to its tax basis for its share of the total
amount of the ether held in the Trust immediately prior to the sale, less the portion of such basis allocable to its share of
the ether that was sold.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders&rsquo;
pro rata shares of the expenses incurred by the Trust will be treated as &ldquo;miscellaneous itemized deductions&rdquo; for U.S.
federal income tax purposes. As a result, for taxable years beginning after December 31, 2017 and before January 1, 2026, a non-corporate
U.S. Shareholder&rsquo;s share of these expenses will not be deductible for U.S. federal income tax purposes. For taxable years
beginning on or after January 1, 2026, a non-corporate U.S. Shareholder&rsquo;s share of these expenses will be deductible for
regular U.S. federal income tax purposes only to the extent that the U.S. Shareholder&rsquo;s share of the expenses, when combined
with other &ldquo;miscellaneous itemized deductions,&rdquo; exceeds 2% of the U.S. Shareholder&rsquo;s adjusted gross income for
the particular year, will not be deductible for U.S. federal alternative minimum tax purposes and will be subject to certain other
limitations on deductibility.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
a Shareholder&rsquo;s sale of some or all of its Shares, the Shareholder will be treated as having sold the portion or all, respectively,
of its pro rata share of the ether held in the Trust at the time of the sale that is attributable to the Shares sold. Accordingly,
the Shareholder generally will recognize gain or loss on the sale in an amount equal to the difference between (a) the amount
realized pursuant to the sale of the Shares, and (b) the Shareholder&rsquo;s tax basis for the portion of its pro rata share of
the ether held in the Trust at the time of sale that is attributable to the Shares sold, as determined in the manner described
in the preceding paragraph. Based on current IRS guidance, such gain or loss (as well as any gain or loss realized by a Shareholder
on account of the Trust selling ether) will generally be long-term or short-term capital gain or loss, depending upon whether
the Shareholder has a holding period in its pro rata share of the ether that was sold of more than one year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
current maximum tax rate for individuals applicable to capital gains is 20% (subject to an additional tax of 3.8% on net investment
income). However, gain from collectibles is subject to a 28% maximum (also subject to the 3.8% additional tax), and currency gain
is subject to tax at ordinary income rates. Current guidance indicates that digital assets are treated neither as collectibles
nor as currencies, but the IRS has the authority to change its position on the treatment of digital assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
redemption of some or all of a Shareholder&rsquo;s Shares in exchange for the underlying ether represented by the Shares redeemed
generally will not be a taxable event to the Shareholder. The Shareholder&rsquo;s tax basis for the ether received in the redemption
generally will be the same as the Shareholder&rsquo;s tax basis for the portion of its pro rata share of the ether held in the
Trust immediately prior to the redemption that is attributable to the Shares redeemed. The Shareholder&rsquo;s holding period
with respect to the ether received should include the period during which the Shareholder held the Shares redeemed. A subsequent
sale of the ether received by the Shareholder will be a taxable event, unless a nonrecognition provision of the Code applies to
such sale.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
any sale or redemption of less than all of a Shareholder&rsquo;s Shares, the Shareholder&rsquo;s tax basis for its pro rata share
of the ether held in the Trust immediately after such sale or redemption generally will be equal to its tax basis for its share
of the total amount of the ether held in the Trust immediately prior to the sale or redemption, less the portion of such basis
which is taken into account in determining the amount of gain or loss recognized by the Shareholder upon such sale or, in the
case of a redemption, that is treated as the basis of the ether received by the Shareholder in the redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a fork occurs in the Ethereum blockchain, the Trust would hold both the original ether and the alternative new asset. However,
such Forked Asset would not constitute an asset of the Trust as, pursuant to the Trust Agreement, the Trust has disclaimed all
Incidental Rights and IR Assets, including Forked Assets. The Trust Agreement requires that, if such a transaction occurs, the
Trust will, as soon as possible, distribute the Forked Asset to the Sponsor. The Sponsor may then sell the Forked Asset, at which
point it would it contribute the proceeds of that sale back to the Trust, which would distribute the cash to Shareholders. Such
distribution would cause Shareholders to incur a federal income tax liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Trust has explicitly disclaimed all Incidental Rights and IR Assets, it is possible that the IRS may not recognize such a
disclaimer. Under such circumstances, the receipt, distribution and/or sale of the Forked Asset may cause Shareholders to incur
a federal income tax liability. The IRS has taken the position in the Ruling &amp; FAQs that, under certain circumstances, a fork
constitutes a taxable event giving rise to ordinary income, and it is clear from the reasoning of the Ruling &amp; FAQs that the
IRS generally would treat an airdrop as a taxable event giving rise to ordinary income. Under the Ruling &amp; FAQs, a U.S. Shareholder
will have a basis in any IR Asset received in a fork or airdrop equal to the amount of income the U.S. Shareholder recognizes
as a result of such fork or airdrop and the U.S. Shareholder&rsquo;s holding period for such IR Asset will begin as of the time
it recognizes such income. In the absence of guidance to the contrary, it is possible that any income recognized by a U.S. tax-exempt
Shareholder as a consequence of a hard fork, airdrop or similar occurrence would constitute UBTI. A tax-exempt Shareholder should
consult its tax advisor regarding whether such Shareholder may recognize some UBTI as a consequence of an investment in Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8%
Tax on Net Investment Income</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Shareholders who are individuals are required to pay a 3.8% tax on the lesser of the excess of their modified adjusted gross
income over a threshold amount ($210,000 for married persons filing jointly and $200,000 for single taxpayers) or their &ldquo;net
investment income,&rdquo; which generally includes capital gains from the disposition of property. This tax is in addition to
any capital gains taxes due on such investment income. A similar tax applies to estates and trusts. U.S. Shareholders should consult
their own tax advisers regarding the effect, if any, this tax may have on their investment in the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brokerage
Fees and Trust Expenses</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
brokerage or other transaction fee incurred by a Shareholder in purchasing Shares will be treated as part of the Shareholder&rsquo;s
tax basis in the underlying assets of the Trust. Similarly, any brokerage fee incurred by a Shareholder in selling Shares will
reduce the amount realized by the Shareholder with respect to the sale.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
will be required to recognize the full amount of gain or loss upon a sale or deemed sale of ether by the Trust (as discussed above),
even though some or all of the proceeds of such sale are used by the Trustee to pay Trust expenses. Shareholders may deduct their
respective pro rata shares of each expense incurred by the Trust to the same extent as if they directly incurred the expense.
Shareholders who are individuals, estates or trusts, however, may be required to treat some or all of the expenses of the Trust
as miscellaneous itemized deductions. An individual may not deduct miscellaneous itemized deductions for tax years beginning after
December 31, 2017 and before January 1, 2026. For tax years beginning after December 31, 2025, individuals may deduct certain
miscellaneous itemized deductions only to the extent they exceed in the aggregate 2% of the individual&rsquo;s adjusted gross
income. Similar rules apply to certain miscellaneous itemized deductions of estates and trusts. In addition, such deductions may
be subject to phase outs and other limitations under applicable provisions of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
by Certain Retirement Plans</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual
retirement accounts (&ldquo;IRAs&rdquo;) and participant-directed accounts under tax-qualified retirement plans are limited in
the types of investments they may make under the Code. Potential purchasers of Shares that are IRAs or participant-directed accounts
under a Code section 401(a) plan should consult with their own tax advisors as to the tax consequences of a purchase of Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
of Non-U.S. Shareholders</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Non-U.S. Shareholder generally should not be subject to U.S. federal income tax with respect to gain recognized upon the sale
or other disposition of Shares, or upon the sale or disposition of ether by the Trust, unless (1) the Non-U.S. Shareholder is
an individual and is present in the U.S. for 183 days or more during the taxable year of the sale or other disposition, and the
gain is treated as being from U.S. sources; or (2) the gain is effectively connected with the conduct by the Non-U.S. Shareholder
of a trade or business in the U.S. and certain other conditions are met. A Non-U.S. Shareholder also will generally not be subject
to U.S. federal income or withholding tax with respect to any distribution received from the Trust, whether in cash or in-kind.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provided
that it does not constitute income that is treated as &ldquo;effectively connected&rdquo; with the conduct of a trade or business
in the United States, U.S.-source &ldquo;fixed or determinable annual or periodical&rdquo; (&ldquo;FDAP&rdquo;) income received,
or treated as received, by a Non-U.S. Shareholder will generally be subject to U.S. withholding tax at the rate of 30% (subject
to possible reduction or elimination pursuant to an applicable tax treaty and to statutory exemptions such as the portfolio interest
exemption). Although there is no guidance on point, it is likely that any ordinary income recognized by a Non-U.S. Shareholder
as a result of a fork, airdrop or similar occurrence would constitute FDAP income. It is unclear, however, whether any such FDAP
income would be properly treated as U.S.-source or foreign-source FDAP income. Non-U.S. Shareholder in the Trust should assume
that, in the absence of guidance, a withholding agent (including the Sponsor) is likely to withhold 30% from a Non-U.S. Shareholder&rsquo;s
pro rata share of any such income, including by deducting such withheld amounts from proceeds that such Non-U.S. Shareholder would
otherwise be entitled to receive in connection with a distribution of Incidental Rights, IR Assets or proceeds from the disposition
of Incidental Rights or IR Assets by the Sponsor. A Non-U.S. Shareholder that is a resident of a country that maintains an income
tax treaty with the United States may be eligible to claim the benefits of that treaty to reduce or eliminate, or to obtain a
partial or full refund of, the 30% U.S. withholding tax on its share of any such income, but only if the Non-U.S. Shareholder&rsquo;s
home country treats the Trust as &ldquo;fiscally transparent,&rdquo; as defined in applicable Treasury regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the nature of the Incidental Rights and IR Assets that the Trust may hold in the future is uncertain and the Trust has sought
to disclaim such assets, it is unlikely that any such asset would give rise to income that is treated as &ldquo;effectively connected&rdquo;
with the conduct of a trade or business in the United States or that any income derived by a Non-U.S. Shareholder from any such
asset would otherwise be subject to U.S. income or withholding tax, except as discussed above in connection with the fork, airdrop
or similar occurrence giving rise to Incidental Rights or IR Assets. There can, however, be no complete assurance in this regard.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Information Reporting and Backup Withholding</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee will file certain information returns with the IRS, and provide certain tax-related information to Shareholders, in connection
with the Trust. To the extent required by applicable regulations, each Shareholder will be provided with information regarding
its allocable portion of the Trust&rsquo;s annual income, expenses, gains and losses (if any). A U.S. Shareholder may be subject
to U.S. backup withholding tax, at a rate of 24%, in certain circumstances unless it provides its taxpayer identification number
and complies with certain certification procedures. Non-U.S. Shareholders may have to comply with certification procedures to
establish that they are not a U.S. person, and some Non-U.S. Shareholders may be required to meet certain information reporting
or certification requirements imposed by the Foreign Account Tax Compliance Act, in order to avoid certain information reporting
and withholding tax requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of any backup withholding will be allowed as a credit against a Shareholder&rsquo;s U.S. federal income tax liability and
may entitle the Shareholder to a refund, provided that the required information is furnished to the IRS in a timely manner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
in Jurisdictions Other Than the U.S.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospective
purchasers of Shares that are based in or acting out of a jurisdiction other than the U.S. are advised to consult their own tax
advisers as to the tax consequences under the laws of such jurisdiction (or any other jurisdiction other than the U.S. to which
they are subject) of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular, as to
whether any value added tax, other consumption tax or transfer tax is payable in relation to such purchase, holding, sale, redemption
or other dealing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTIVE
SHAREHOLDERS ARE URGED TO CONSULT THEIR TAX ADVISERS BEFORE DECIDING WHETHER TO INVEST IN THE SHARES OF THE TRUST.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa031"></A>Purchases
By Employee Benefit Plans</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
there can be no assurance that an investment in the Trust will achieve the investment objectives of an employee benefit plan in
making such investment, the Trust has certain features that may be of interest to such a plan. For example, because they are not
taxpaying entities, employee benefit plans are not subject to paying annual tax on profits (if any) of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following section sets forth certain consequences under the Employee Retirement Income Security Act of 1974 (&ldquo;ERISA&rdquo;),
and the Code, which a fiduciary of an &ldquo;employee benefit plan&rdquo; as defined in, and subject to the fiduciary responsibility
provisions of, ERISA or of a &ldquo;plan&rdquo; as defined in and subject to Section&nbsp;4975 of the Code who has investment
discretion should consider before deciding to invest the plan&rsquo;s assets in the Trust (such &ldquo;employee benefit plans&rdquo;
and &ldquo;plans&rdquo; being referred to herein as &ldquo;Plans,&rdquo; and such fiduciaries with investment discretion being
referred to herein as &ldquo;Plan Fiduciaries&rdquo;). The following summary is not intended to be complete, but only to address
certain questions under ERISA and the Code which are likely to be raised by the Plan Fiduciary&rsquo;s own counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, the terms &ldquo;employee benefit plan&rdquo; as defined in ERISA and &ldquo;plan&rdquo; as defined in Section&nbsp;4975
of the Code together refer to any plan or account of various types which provide retirement benefits or welfare benefits to an
individual or to an employer&rsquo;s employees and their beneficiaries. Such plans and accounts include, but are not limited to,
corporate pension and profit sharing plans, &ldquo;simplified employee pension plans,&rdquo; Keogh plans for self-employed individuals
(including partners), individual retirement accounts described in Section&nbsp;408 of the Code and medical benefit plans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Plan Fiduciary must give appropriate consideration to the facts and circumstances that are relevant to an investment in the Trust,
including the role that such an investment in the Trust would play in the Plan&rsquo;s overall investment portfolio. Each Plan
Fiduciary, before deciding to invest in the Trust, must be satisfied that such investment in the Trust is a prudent investment
for the Plan, that the investments of the Plan, including the investment in the Trust, are diversified so as to minimize the risk
of large losses and that an investment in the Trust complies with the documents of the Plan and related trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EACH
PLAN FIDUCIARY CONSIDERING ACQUIRING SHARES MUST CONSULT WITH ITS OWN LEGAL AND TAX ADVISERS BEFORE DOING SO. AN INVESTMENT IN
THE TRUST IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. THE TRUST IS NOT INTENDED AS A COMPLETE INVESTMENT PROGRAM.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Plan
Assets&rdquo;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ERISA
and a regulation issued thereunder (the &ldquo;Plan Asset Rules&rdquo;) contain rules&nbsp;for determining when an investment
by a Plan in an entity will result in the underlying assets of such entity being assets of the Plan for purposes of ERISA and
Section&nbsp;4975 of the Code (<I>i.e.</I>, &ldquo;plan assets&rdquo;). Those rules&nbsp;provide that assets of an entity will
not be plan assets of a Plan which purchases an interest therein if certain exceptions apply, including (i)&nbsp;an exception
applicable if the equity interest purchased is a &ldquo;publicly-offered security&rdquo; (the &ldquo;Publicly-Offered Security
Exception&rdquo;) and (ii)&nbsp;an exception applicable if the investment by all &ldquo;benefit plan investors&rdquo; is not &ldquo;significant&rdquo;
or certain other exceptions apply (the &ldquo;Insignificant Participation Exception&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Publicly-Offered Security Exception applies if the equity interest is a security that is (1)&nbsp;&rdquo;freely transferable,&rdquo;
(2)&nbsp;part of a class of securities that is &ldquo;widely held&rdquo; and (3)&nbsp;either (a)&nbsp;part of a class of securities
registered under Section&nbsp;12(b)&nbsp;or 12(g)&nbsp;of the Exchange Act, or (b)&nbsp;sold to the Plan as part of a public offering
pursuant to an effective registration statement under the 1933 Act and the class of which such security is a part is registered
under the Exchange Act within 120&nbsp;days (or such later time as may be allowed by the SEC) after the end of the fiscal year
of the issuer in which the offering of such security occurred. The Plan Asset Rules&nbsp;state that the determination of whether
a security is &ldquo;freely transferable&rdquo; is to be made based on all relevant facts and circumstances. Under the Plan Asset
Rules, a class of securities is &ldquo;widely held&rdquo; only if it is of a class of securities owned by 100 or more shareholders
independent of the issuer and of each other.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares of the Trust should be considered to be publicly-offered securities. First, the Shares will be sold as part of a public
offering pursuant to an effective registration statement under the 1933 Act, and the Shares will be timely registered under the
Exchange Act. Second, it appears that the Shares will be freely transferable because the Shares of the Trust will be freely tradable
on the Exchange like any other exchange-listed security. Finally, it is anticipated that the Shares will be owned by at least
100 Shareholders independent of the Trust. Therefore, the underlying assets of the Trust should not be considered to constitute
assets of any Plan that purchases Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ineligible
Purchasers</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, Shares may not be purchased with the assets of a Plan if the Sponsor, the Administrator, the Trustee, the Transfer Agent,
the Ether Custodian, the Marketing Agent, the Exchange, or any of their respective affiliates or any of their respective employees
either: (a)&nbsp;has investment discretion with respect to the investment of such plan assets; (b)&nbsp;has authority or responsibility
to give or regularly gives investment advice with respect to such plan assets, for a fee, and pursuant to an agreement or understanding
that such advice will serve as a primary basis for investment decisions with respect to such plan assets and that such advice
will be based on the particular investment needs of the Plan; or (c)&nbsp;is an employer maintaining or contributing to such Plan.
A party that is described in clause (a)&nbsp;or (b)&nbsp;of the preceding sentence is a fiduciary under ERISA and the Code with
respect to the Plan, and any such purchase might result in a &ldquo;prohibited transaction&rdquo; under ERISA and the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise set forth, the foregoing statements regarding the consequences under ERISA and the Code of an investment in the Trust
are based on the provisions of the Code and ERISA as currently in effect, and the existing administrative and judicial interpretations
thereunder. No assurance can be given that administrative, judicial or legislative changes will not occur that will not make the
foregoing statements incorrect or incomplete.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALLOWING
AN INVESTMENT IN THE TRUST IS NOT TO BE CONSTRUED AS A REPRESENTATION BY THE SPONSOR OR ANY OF ITS AFFILIATES, AGENTS OR EMPLOYEES
THAT THIS INVESTMENT MEETS SOME OR ALL OF THE RELEVANT LEGAL REQUIREMENTS WITH RESPECT TO INVESTMENTS BY ANY PARTICULAR PLAN OR
THAT THIS INVESTMENT IS APPROPRIATE FOR ANY SUCH PARTICULAR PLAN. THE PERSON WITH INVESTMENT DISCRETION SHOULD CONSULT WITH THE
PLAN&rsquo;S ATTORNEY AND FINANCIAL ADVISERS AS TO THE PROPRIETY OF AN INVESTMENT IN THE TRUST IN LIGHT OF THE CIRCUMSTANCES OF
THE PARTICULAR PLAN, CURRENT TAX LAW AND ERISA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa032"></A>Information
You Should Know</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Prospectus contains information investors should consider when making an investment decision about the Shares. Investors should
rely only on the information contained in this Prospectus or any applicable prospectus supplement. None of the Trust or the Sponsor
has authorized any person to provide investors with different information and, if anyone provides investors with different or
inconsistent information, investors should not rely on it. This Prospectus is not an offer to sell the Shares in any jurisdiction
where the offer or sale of the Shares is not permitted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information contained in this Prospectus was obtained from the Sponsor and other sources the Sponsor believed to be reliable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
should disregard anything we said in an earlier document that is inconsistent with what is included in this Prospectus or any
applicable prospectus supplement. Where the context requires, when the Sponsor refers to this &ldquo;Prospectus,&rdquo; it is
referring to this Prospectus and (if applicable) the relevant prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
should not assume that the information in this prospectus or any applicable prospectus supplement is current as of any date other
than the date on the front page of this Prospectus or the date on the front page of any applicable prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cross
references in this Prospectus to captions in these materials indicate where an investor can find further related discussions.
The table of contents assists in locating these captions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa033"></A>Summary
of Promotional and Sales Material</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust expects to use the following sales material it has prepared:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Trust&rsquo;s website, ETHWetf.com; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Trust Fact Sheet found on the Trust&rsquo;s website.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
materials described above are not a part of this Prospectus or the registration statement of which this Prospectus is a part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa034"></A>Intellectual
Property</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor owns trademark registrations for the Trust. The Sponsor relies upon these trademarks through which it markets its services
and strives to build and maintain brand recognition in the market and among current and potential investors. So long as the Sponsor
continues to use these trademarks to identify its services, without challenge from any third party, and properly maintains and
renews the trademark registrations under applicable laws, rules and regulations, it will continue to have indefinite protection
for these trademarks under current laws, rules and regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor also owns trademark registrations for the Sponsor. The Sponsor relies upon these trademarks through which it markets its
services and strives to build and maintain brand recognition in the market and among current and potential investors. So long
as the Sponsor continues to use these trademarks to identify its services, without challenge from any third party, and properly
maintains and renews the trademark registrations under applicable laws, rules and regulations; it will continue to have indefinite
protection for these trademarks under current laws, rules and regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa035"></A>Where
You Can Find More Information</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust has filed a registration statement on Form S-1 with the SEC under the 1933 Act. This Prospectus does not contain all of
the information set forth in the registration statement (including the exhibits to the registration statement), parts of which
have been omitted in accordance with the rules and regulations of the SEC. For further information about the Trust or the Shares,
please refer to the registration statement, which is available online at www.sec.gov.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
about the Trust and the Shares can also be obtained from the Trust&rsquo;s website, which is ETHWetf.com. The Trust&rsquo;s website
address is only provided here as a convenience and the information contained on or connected to the website is not part of this
Prospectus or the registration statement of which this Prospectus is part. The Trust is subject to the informational requirements
of the Exchange Act and will file certain reports and other information with the SEC under the Exchange Act. The Sponsor will
file an updated Prospectus annually on behalf of the Trust pursuant to the requirements of the 1933 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
reports and other information is available online at <U>www.sec.gov</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa036"></A>Privacy
Policy</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust and the Sponsor may collect or have access to certain nonpublic personal information about current and former investors.
Nonpublic personal information may include information received from investors, such as an investor&rsquo;s name, social security
number and address, as well as information received from brokerage firms about investor holdings and transactions in Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust and the Sponsor do not disclose nonpublic personal information except as required by law or as described in their Privacy
Policy. In general, the Trust and the Sponsor restrict access to the nonpublic personal information they collect about investors
to those of their and their affiliates&rsquo; employees and service providers who need access to such information to provide products
and services to investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust and the Sponsor maintain safeguards that comply with federal law to protect investors&rsquo; nonpublic personal information.
These safeguards are reasonably designed to (1) ensure the security and confidentiality of investors&rsquo; records and information,
(2) protect against any anticipated threats or hazards to the security or integrity of investors&rsquo; records and information,
and (3) protect against unauthorized access to or use of investors&rsquo; records or information that could result in substantial
harm or inconvenience to any investor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third-party
service providers with whom the Trust and the Sponsor share nonpublic personal information about investors must agree to follow
appropriate standards of security and confidentiality, which includes safeguarding such nonpublic personal information physically,
electronically and procedurally.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
copy of the Sponsor&rsquo;s current Privacy Policy, which is applicable to the Trust, is provided to investors annually and is
also available at ETHWetf.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa037"></A>Report
of independent registered public accounting firm</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="bitwise-001.jpg" ALT="" STYLE="width: 95px; height: 39px"></P>



<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: -39px 0 0 2in">KPMG LLP</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 2in">345 Park Avenue</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 2in">New York, NY 10154-0102</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Report of Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">To the Shareholder and the Sponsor of<BR>
Bitwise Ethereum ETF:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Opinion on the Financial Statements</I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">We have audited the accompanying statement of assets and liabilities
(in organization) of Bitwise Ethereum ETF (the Trust) as of May 28, 2024, and the related notes (collectively, the financial statements).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of May 28, 2024,
in conformity with U.S. generally accepted accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Basis for Opinion</I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">These financial statements are the responsibility of the Trust&rsquo;s
management. Our responsibility is to express an opinion on these financial statements based on our audit. We are a public accounting firm
registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect
to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">We conducted our audit in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement
of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating
the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements. We believe that our audit provides a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0 0 0 70%"><IMG SRC="bitwise-003.jpg" ALT="" STYLE="width: 129px; height: 27px"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We have served as the Trust&rsquo;s auditor since 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">May 31, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="margin: 0pt 0; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="bitwises1aa038"></A>Statement
of financial condition</FONT></P>

<P STYLE="margin: 0pt 0; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Bitwise Ethereum ETF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Statement of Assets and Liabilities (In Organization)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">May 28, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&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="font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 80%; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash</TD><TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">200</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total Assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">200</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total Liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;<B>Net Assets</B></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">200</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net assets consist of:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital stock at $25.00 per share</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">200</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net Assets</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">200</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Shares issued and outstanding, no par value, unlimited amount authorized</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Net asset value per Share</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">25.00</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">See accompanying notes to financial statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>NOTES
TO FINANCIAL STATEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ORGANIZATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Bitwise Ethereum ETF (the &ldquo;Trust&rdquo;), is
an investment trust organized on February 16, 2024 under Delaware law pursuant to a Declaration of Trust and Trust Agreement (the &ldquo;Trust
Agreement&rdquo;). The Trust&rsquo;s investment objective is to seek to provide exposure to the value of ether held by the Trust, less
the expenses of the Trust&rsquo;s operations, generally just the sponsor&rsquo;s management fee. In seeking to achieve its investment
objective, the Trust&rsquo;s sole asset is expected to be ether. The Trust is an Exchange Traded Product (&ldquo;ETP&rdquo;) that issues
common shares of beneficial interest (&ldquo;Shares&rdquo;) that are anticipated to be listed on the NYSE Arca, Inc. (the &ldquo;Exchange&rdquo;)
under the ticker symbol &ldquo;ETHW,&rdquo; providing investors with an efficient means to obtain market exposure to the price of ether.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Bitwise Investment Advisers, LLC (the &ldquo;Sponsor&rdquo;)
serves as the Sponsor for the Trust. The Sponsor arranged for the creation of the Trust and is responsible for the ongoing registration
of the Shares for their public offering in the U.S. and the listing of Shares on the Exchange. The Sponsor will develop a marketing plan
for the Trust, will prepare marketing materials regarding the Shares, and will operate the marketing plan of the Trust on an ongoing basis.
The Sponsor also oversees the additional service providers of the Trust and exercises managerial control of the Trust as permitted under
the Trust Agreement. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses)
out of the Sponsor&rsquo;s unified management fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Delaware Trust Company acts as the trustee of the
Trust for the purpose of creating a Delaware statutory trust in accordance with the Delaware Statutory Trust Act (&ldquo;DSTA&rdquo;).
The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the requirement
of Section 3807(a) of the DSTA that the Trust have at least one trustee with a principal place of business in the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of May 28, 2024, the Trust has had no operations
other than those actions relating to organizational and registration matters, including the sale and issuance of the Trust&rsquo;s shares
to Bitwise Asset Management, Inc., the parent company of the Sponsor, the sole shareholder of eight (8) shares of the Trust. Proceeds
from the issuance of these shares were held in cash as presented on the Trust&rsquo;s statement of assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the ordinary course of operation, the Trust will
purchase and sell ether directly and it will create or redeem its Shares in cash-settled transactions in blocks of 10,000 Shares at the
Trust&rsquo;s net asset value per Share and only in transactions with financial firms that are authorized to purchase or redeem Shares
with the Trust (each, an &ldquo;Authorized Participant&rdquo;). An Authorized Participant will deliver, or cause to be delivered, cash
to the Trust when it purchases Shares from the Trust, and the Trust will deliver cash to an Authorized Participant, or its designee, when
it redeems Shares with the Trust. Authorized Participants, and their customers, may then, in turn, offer Shares to the public at prices
that depend on various factors, including the supply and demand for Shares, the value of the Trust&rsquo;s assets, and market conditions
at the time of a transaction. Investors who buy or sell Shares during the day from their broker may do so at a premium or discount relative
to the net asset value of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT
ACCOUNTING POLICIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following is a summary of significant accounting
policies consistently followed by the Trust in the preparation of its financial statement. The financial statement has been prepared in
conformity with accounting principles generally accepted in the United States of America (&ldquo;GAAP&rdquo;). The Trust is an investment
company and follows the specialized accounting and reporting guidance in the Financial Accounting Standards Board (&ldquo;FASB&rdquo;)
Accounting Standards Codification (&ldquo;ASC&rdquo; or &ldquo;Codification&rdquo;) Topic 946, Financial Services&mdash;Investment Companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Use of Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of the financial statement in accordance
with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of this financial statement. Actual results could differ from those estimates.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Indemnifications</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the normal course of business, the Trust enters
into contracts that contain a variety of representations which provide general indemnifications. The Trust&rsquo;s maximum exposure under
these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Cash</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash includes non-interest bearing non-restricted
cash with one institution. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Trust has not experienced
any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Income Taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Trust will be classified as a &ldquo;grantor trust&rdquo;
for United States federal income tax purposes. As a result, the Trust itself will not be subject to United States federal income tax.
Instead, the Trust&rsquo;s income and expenses will &ldquo;flow through&rdquo; to the shareholders, and the Bank of New York Mellon (the
&ldquo;Administrator&rdquo;), will report the Trust&rsquo;s income, gains, losses and deductions to the Internal Revenue Service on that
basis. As of May 28, 2024, no amounts had &ldquo;flowed through&rdquo; to the shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Organizational and offering costs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The costs of the Trust&rsquo;s organization and the
initial offering of the Shares will be borne directly by the Sponsor. The Trust will not be obligated to reimburse the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As the Trust has had no operations other than those
actions relating to organizational and registration matters, including the sale and issuance of the Trust&rsquo;s shares to Bitwise Asset
Management, Inc., the parent company of the Sponsor, the Sponsor has not yet begun to charge the Trust an annual management fee, which
it anticipates charging once operations commence. Once operations commence, the Trust is expected to pay an annualized management fee
to the Sponsor as compensation for services performed under the Trust Agreement; but it has not yet determined the amount of such fee.
In exchange for the management fee, the Sponsor has agreed to assume and pay all ordinary expenses of the Trust, including the Trustee&rsquo;s
fee and out-of-pocket expenses, the fees of the Trust&rsquo;s regular service providers, Exchange listing fees, SEC registration fees,
SEC filing costs, audit fees and ordinary legal expenses. The Sponsor&rsquo;s management fee is paid by delivery of ether, monthly on
the first Business Day of the month in respect of fees payable for the prior month. The delivery is of that number of ether which equals
the daily accrual of the Sponsor&rsquo;s Fee for such prior month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Sponsor, from time to time, may temporarily waive
all or a portion of the Sponsor&rsquo;s Fee at its discretion for a stated period of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date of this Financial Statement, there
were no amounts payable to related parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BENEFICIAL
OWNERSHIP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date of this financial statement Bitwise
Asset Management, Inc., the parent company of the Sponsor, owned 100% of the outstanding Shares of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUBSEQUENT
EVENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In preparing this financial statement, the Sponsor
has evaluated events and transactions for potential recognition or disclosure through the date this financial statement was available
to be issued. Management has determined that there were no material events, that would require disclosure in the Trust's financial statements,
which occurred during the period subsequent to May 28, 2024.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Bitwise
Ethereum ETF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>prospectus</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>__________,
2024</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
_________, 2024 (25 calendar days after the date of this Prospectus) all dealers that effect transactions in these securities,
whether or not participating in this offering, may be required to deliver a Prospectus. This is in addition to the dealers&rsquo;
obligation to deliver a Prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART
II</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INFORMATION
NOT REQUIRED IN PROSPECTUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
13. Other Expenses of Issuance and Distribution.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust shall not bear any expenses incurred in connection with the issuance and distribution of the securities being registered.
These expenses shall be paid by Bitwise Investment Advisers, LLC, the sponsor of the Trust. Except for the Securities and Exchange
Commission Registration Fee and Exchange Listing Fee, all such expenses are estimated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 79%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
    registration fee (actual)</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 18%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Listing
    fee (actual)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Auditor&rsquo;s
    fees and expenses</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
    fees and expenses</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Printing
    expenses</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous
    expenses</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
14. Indemnification of Directors and Officers.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust Agreement provides that the Sponsor and its shareholders, members, directors, officers, employees, Affiliates and subsidiaries
(each a &ldquo;Sponsor Indemnified Party&rdquo;) will be indemnified by the Trust and held harmless against any loss, liability
or expense incurred under the Trust Agreement without gross negligence, bad faith, or willful misconduct on the part of such Sponsor
Indemnified Party arising out of or in connection with the performance of its obligations hereunder or any actions taken in accordance
with the provisions of the Trust Agreement. Any amounts payable to a Sponsor Indemnified Party under Section 4.06 of 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. The obligations of the Trust to indemnify the Sponsor Indemnified Parties will survive the termination
of the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
15. Recent Sales of Unregistered Securities.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 28, 2024, the Trust sold 8 Shares at a per-Share price of $25 to Bitwise Asset Management, Inc., an affiliate of the
Sponsor, in a transaction exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. No further
sales of unregistered securities are contemplated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
16. Exhibits and Financial Statement Schedules.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exhibits to this registration statement are listed in the Exhibit Index to this registration statement, which is incorporated
herein by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
Statement Schedules. Not applicable.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
17. Undertakings.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned registrant hereby undertakes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         file, during any period in which offers or sales are being made, a post-effective amendment
                                         to this registration statement:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering
price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provided,
however, that: (1)(i), (ii), and (iii) of this section do not apply if the registration statement is on Form S-1, Form S-3, Form
SF-3 or Form F-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in
reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in the registration statement, or, as to a registration statement on Form
S-3, Form SF-3 or Form F-3, is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration
statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
                                         for the purpose of determining any liability under the Securities Act of 1933, each such
                                         post-effective amendment shall be deemed to be a new registration statement relating
                                         to the securities offered therein, and the offering of such securities at that time shall
                                         be deemed to be the initial bona fide offering thereof.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         remove from registration by means of a post-effective amendment any of the securities
                                         being registered which remain unsold at the termination of the offering.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
                                         for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         the registrant is relying on Rule 430B:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)
Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as
of the date the filed prospectus was deemed part of and included in the registration statement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)
Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information
required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale
of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and
any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b)
                                         as part of a registration statement relating to an offering, other than registration
                                         statements relying on Rule 430B or other than prospectuses filed in reliance on Rule
                                         430A, shall be deemed to be part of and included in the registration statement as of
                                         the date it is first used after effectiveness. Provided, however, that no statement made
                                         in a registration statement or prospectus that is part of the registration statement
                                         or made in a document incorporated or deemed incorporated by reference into the registration
                                         statement or prospectus that is part of the registration statement will, as to a purchaser
                                         with a time of contract of sale prior to such first use, supersede or modify any statement
                                         that was made in the registration statement or prospectus that was part of the registration
                                         statement or made in any such document immediately prior to such date of first use.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
                                         for the purpose of determining liability of the registrant under the Securities Act of
                                         1933 to any purchaser in the initial distribution of the securities:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or
sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser
and will be considered to offer or sell such securities to such purchaser:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant
to Rule 424;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred
to by the undersigned registrant;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
The portion of any other free writing prospectus relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned registrant; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
                                         as indemnification for liabilities arising under the Securities Act of 1933 may be permitted
                                         to directors, officers and controlling persons of the registrant pursuant to the foregoing
                                         provisions, or otherwise, the registrant has been advised that in the opinion of the
                                         Securities and Exchange Commission such indemnification is against public policy as expressed
                                         in the Act and is, therefore, unenforceable. In the event that a claim for indemnification
                                         against such liabilities (other than the payment by the registrant of expenses incurred
                                         or paid by a director, officer or controlling person of the registrant in the successful
                                         defense of any action, suit or proceeding) is asserted by such director, officer or controlling
                                         person in connection with the securities being registered, the registrant will, unless
                                         in the opinion of its counsel the matter has been settled by controlling precedent, submit
                                         to a court of appropriate jurisdiction the question whether such indemnification by it
                                         is against public policy as expressed in the Act and will be governed by the final adjudication
                                         of such issue.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNATURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on
its behalf by the undersigned, thereunto duly authorized in the City of San Francisco, State of California, on May 31, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitwise
    Investment Advisers, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsor
    of the Bitwise Ethereum ETF</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;/s/
    Hunter Horsley</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hunter
    Horsley</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
    and Treasurer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the
capacities* and on the dates indicated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 28%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 42%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 28%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Hunter Horsley </I></FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    31, 2024</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hunter
    Horsley</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
    Executive Officer)*</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Paul (&ldquo;Teddy&rdquo;) Fusaro</I></FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Operating Officer</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    31, 2024</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paul
    (&ldquo;Teddy&rdquo;) Fusaro</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
    Financial Officer and Principal Accounting Officer)*</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
The registrant is a trust and the persons are signing in their capacities as officers of Bitwise Investment Advisers, LLC, the
Sponsor of the registrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBIT
INDEX</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 84px; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
    No.</FONT></TD>
    <TD STYLE="width: 12px; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
    Description</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex3-1.htm">3.1</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First
    Amended and Restated Declaration of Trust and Trust Agreement<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/2013744/000199937124004119/ex3-2.htm">3.2</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Trust<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex5-1.htm">5.1</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Opinion of Chapman and Cutler LLP as to legality<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex8-1.htm">8.1</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Opinion of Chapman and Cutler LLP as to tax matters<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex10-1.htm">10.1</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Sponsor Agreement<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex10-2.htm">10.2</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Authorized Participant Agreement<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex10-3.htm">10.3</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marketing
    Agreement<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex10-4.htm">10.4</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prime
    Execution Agreement (with Ether Custody Agreement and Trade Financing Agreement included as exhibits
    thereto)<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex10-5.htm">10.5</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash Custody Agreement<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex10-6.htm">10.6</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund Administration and Accounting Agreement<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex10-7.htm">10.7</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer Agency and Service Agreement<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex23-1.htm">23.1</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Independent Registered Public Accounting Firm<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex5-1.htm">23.2</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chapman
    and Cutler LLP (included in Exhibits 5.1 and 8.1)<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex107.htm">107</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table<SUP>(2)</SUP></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 22.3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously
                                         filed with the Registrant&rsquo;s Registration Statement on Form S-1 filed on March 28,
                                         2024.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 22.3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
                                         herewith.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>ex3-1.htm
<DESCRIPTION>FIRST AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="bitwise-s1a_053124.htm">Bitwise Ethereum ETF S-1/A</A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0"><B>Exhibit 3.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FIRST AMENDED AND RESTATED </B><BR>
<B>DECLARATION OF TRUST AND TRUST AGREEMENT</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>OF</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>BITWISE ETHEREUM ETF</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>DATED AS OF MAY 28, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 15%; padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="width: 80%; padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right"><B>Page</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">ARTICLE I.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">NAME, PURPOSE AND DEFINITIONS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 1.01.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Name</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 1.02.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Purpose</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 1.03.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Definitions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">2</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 1.04.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Grantor Trust</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">ARTICLE II.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">SHARES</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 2.01.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Division of Beneficial Interest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 2.02.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Ownership of Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 2.03.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Transfer of Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 2.04.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Investments in the Trust</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 2.05.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Status of Shares and Limitation of Personal Liability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 2.06.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Designation and Rights of Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 2.07.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Creation and Redemption of Shares</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 2.08.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Creation and Issuance of Creation Baskets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">6</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 2.09.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Redemption of Creation Baskets</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 2.10.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Incidental Rights</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 2.11.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Cash Distributions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 2.12.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Other Distributions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">ARTICLE III.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">TRUSTEE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 3.01.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Duties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 3.02.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Liability of Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">10</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 3.03.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Compensation and Expenses of the Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 3.04.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Term; Resignation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 3.05.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Successor Trustee</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 3.06.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Indemnification</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">ARTICLE IV.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">THE SPONSOR</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 4.01.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Management of the Trust</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 4.02.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Authority of Sponsor</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 4.03.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Obligations of Sponsor</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 4.04.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Compensation of the Sponsor</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">Section 4.05.</TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Sponsor&rsquo;s Obligations with Respect to Hard Forks</FONT></TD>
    <TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 4.06.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Liability of Sponsor and Indemnification</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">16</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">ARTICLE V.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">BOOKS OF ACCOUNT AND CERTIFICATE OF TRUST</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">17</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 5.01.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Books of Account</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">17</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 5.02.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Certificate of Trust</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">17</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">ARTICLE VI.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">AMENDMENT OF TRUST AGREEMENT</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">17</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">ARTICLE VII.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">TERM</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">17</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">ARTICLE VIII.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">TERMINATION/REORGANIZATION</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">17</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 8.01.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Termination of the Trust</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">17</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 8.02.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Merger and Consolidation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">19</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 8.03.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Dissolution of Sponsor Not to Terminate Trust</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">19</FONT></TD></TR>
</TABLE>

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<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; text-align: center">(continued)</P>

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<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%; padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="width: 80%; padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right"><B>Page</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">ARTICLE IX.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">SHAREHOLDERS&rsquo; VOTING POWERS AND MEETINGS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">20</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 9.01.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Voting Powers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">20</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 9.02.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Voting Power and Meetings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">20</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 9.03.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Place of Meetings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">20</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 9.04.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Notice of Shareholders&rsquo; Meeting</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">20</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 9.05.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Adjourned Meeting; Notice</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">20</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 9.06.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Voting Procedure</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">20</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 9.07.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Quorum and Required Vote</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">20</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 9.08.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Action by Written Consent</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">21</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 9.09.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Record Dates</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">21</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 9.10.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Waiver of Notice by Consent of Absent Shareholders</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">21</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 9.11.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Proxies</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">21</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">ARTICLE X.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">MISCELLANEOUS PROVISIONS</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">21</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 10.01.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Certain Matters Relating to Shareholders</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">21</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 10.02.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Delaware Law to Govern</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">22</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 10.03.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Provisions in Conflict with Law or Regulations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 10.04.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Interpretation</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 10.05.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Notices</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 10.06.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Headings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 10.07.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Counterparts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Section 10.08.</FONT></TD>
    <TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Corporate Transparency Act</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">24</FONT></TD></TR>
</TABLE>

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<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>BITWISE ETHEREUM ETF</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>FIRST AMENDED AND RESTATED </B><BR>
<B>DECLARATION OF TRUST AND TRUST AGREEMENT</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: justify; text-indent: 0.5in"><B>THIS FIRST AMENDED
AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT</B>, dated as of May 28, 2024, between <B>BITWISE INVESTMENT ADVISERS, LLC</B>,
a Delaware limited liability company, as sponsor, and <B>CSC</B> <B>DELAWARE TRUST COMPANY</B>, a Delaware trust company, as trustee.</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: center"><B>W&nbsp;I&nbsp;T&nbsp;N&nbsp;E&nbsp;S&nbsp;S&nbsp;E&nbsp;T&nbsp;H:</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: justify; text-indent: 0.5in"><B>WHEREAS</B>, with
the filing of a Certificate of Trust on February 16, 2024 and entry into that certain original <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">trust
agreement with the Trustee (the &ldquo;Original Trust Agreement&rdquo;), the Sponsor established a trust, to be known as the to
be known as the &ldquo;Bitwise </FONT>Ethereum <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">ETF&rdquo;
pursuant to the </FONT>Delaware Statutory Trust Act (12 Del. C. &sect; 3801, et seq.); 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"><B>WHEREAS</B>, the
Sponsor and the Trustee desire to amend and restate the Original Trust 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"><B>WHEREAS</B>, the
Sponsor desires to establish the terms on which ether may be deposited in the Trust; provide for the creation of shares representing
fractional undivided beneficial interests in the net assets of the Trust; and provide owners of shares the ability to take delivery
of ether in exchange for their shares; 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"><B>WHEREAS</B>, the
Sponsor desires to provide for other terms and conditions on which the Trust shall be established and administered, as hereinafter
provided.</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>NOW, THEREFORE</B>,
in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, each party agrees as follows:</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: center"><B>ARTICLE I. </B><BR>
<B>NAME, PURPOSE AND DEFINITIONS</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B>Section
1.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Name</U></B><FONT STYLE="font-weight: normal">. The <FONT STYLE="font-size: 10pt">Trust shall </FONT>be kn<FONT STYLE="font-size: 10pt">own
as the &ldquo;Bitwise </FONT>Ethereum <FONT STYLE="font-size: 10pt">ETF.&rdquo; The Sponsor and the </FONT></FONT></FONT>Trustee
shall conduct the business of the Trust under this name or any other name as the Sponsor may from time to time determine in its
sole discretion. Any name change shall become effective on the execution by the Trustee of an instrument setting forth the new
name and the filing of a Certificate of Amendment pursuant to Section 3811 (a)(2) of the Delaware Act. Any such instrument shall
not require the approval of the Shareholders but shall have the status of an amendment to this Trust Agreement.</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>Section 1.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><U>Purpose</U></FONT></B>. The
purpose of the Trust is to provide Shareholders with exposure to ether at a price that is reflective of the actual ether market
in which investors can purchase or sell ether, less the expenses of the Trust&rsquo;s operations. The Sponsor intends for the
Trust to be operated and treated for U.S. federal income tax purposes as an &ldquo;investment&rsquo; trust&rdquo; as defined in
Treasury Regulation Section 301.7701-4(c)(1) and to be treated as a &ldquo;grantor trust&rdquo; described in Sections 671-679
of the Code, as hereinafter defined. All provisions in this Trust Agreement are intended to be construed such that the Trust does
not lose its status as an &ldquo;investment&rsquo; trust&rdquo; treated as a &ldquo;grantor trust.&rdquo; The Trust shall not
take any action that could cause the Trust to be treated other than as a grantor trust for U.S. federal income tax purposes. It
is not the intention of the Sponsor 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. The Trust shall be
entitled to exercise all of the powers and privileges granted to a statutory trust formed under the laws of the State of Delaware,
now or hereafter in force, except as otherwise provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<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>Section 1.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><U>Definitions</U></FONT></B>.
Whenever used herein, unless otherwise required by the context or specifically provided:</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Administrator</U></B></FONT>&rdquo;
means any Person from time to time engaged to perform administration services for 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; 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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Affiliate</U></B></FONT>&rdquo;
shall mean, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, Controls,
is Controlled by, or is under common Control with, such Person.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Authorized
Participant</U></B><FONT STYLE="font-weight: normal">&rdquo;</FONT></FONT> means a person who (1) is a registered broker-dealer
under the Securities Exchange Act of 1934 and is a member in good standing of the Financial Industry Regulatory Authority (&ldquo;<B>FINRA</B>&rdquo;)
or other securities market participant such as a bank or other financial institution that is not required to register as a broker-dealer
or be a member of FINRA to engage in securities transactions, (2) is a participant in DTC and (3) has entered into an Authorized
Participant Agreement. Only Authorized Participants may place orders to create or redeem one or more Creation Baskets.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Authorized
Participant Agreement</U></B></FONT>&rdquo; shall mean an agreement entered into by each Authorized Participant that provides the
procedures for the creation and redemption of Creation Baskets and for the delivery of the ether and/or cash required for such
creations and redemptions.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Business
Day</U></B></FONT>&rdquo; shall mean any day the Exchange is open for business and the Trust accepts creation and redemption orders
for Creation Baskets.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>By-Laws</U></B></FONT>&rdquo;
shall mean the By-Laws of the Trust, if any, as amended from time to time, which By-Laws are expressly herein incorporated by reference
as part of the &ldquo;governing instrument&rdquo; within the meaning of the Delaware Act (as defined herein).</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Certificate
of Trust</U></B></FONT>&rdquo; means the Certificate of Trust of the Trust in the form filed with the Secretary of State of the
State of Delaware pursuant to Section 3810 of the Delaware Act as amended or restated from time to time.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Code</U></B></FONT>&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; 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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Control</U></B></FONT>&rdquo;
and/or &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Controlled</U></B><FONT STYLE="font-weight: normal">&rdquo;</FONT></FONT>
mean that the specified party, directly or indirectly, has the power to direct or cause the direction of the management and policies
of an entity through the ownership of voting securities, by contract or otherwise.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Creation
Basket</U></B></FONT>&rdquo; shall mean a block of 10,000 Shares or such other amount as established from time to time by the Sponsor.
Multiple blocks are called &ldquo;Creation Baskets.&rdquo;</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Custody
Agreement (ether)</U></B></FONT>&rdquo; means a written agreement entered into by the Trust or Sponsor with an Ether Custodian
providing for the deposit, safekeeping or delivery of ether held by the Trust and related services.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Custody
Agreement (cash)</U></B><FONT STYLE="font-weight: normal">&rdquo;</FONT></FONT> means a written agreement entered into by
the Trust or Sponsor with a Cash Custodian providing for the deposit, safekeeping or delivery of cash held by the Trust and related
services.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Delaware
Act</U></B></FONT>&rdquo; shall mean the Delaware Statutory Trust Act (12 Del. C. &sect;3801 <I>et seq</I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.),
</FONT>as such statute may be amended or interpreted from time to time, and any legislative enactment that may replace or supersede
such Act.</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">&ldquo;<B><U>DTC</U></B>&rdquo;
shall mean the Depository Trust Company. DTC is a limited purpose trust company organized under New York law, a member of the U.S. Federal Reserve System and a clearing agency registered with the SEC pursuant to the provisions of Section 17A of the Securities
Exchange Act of 1934, as amended. DTC will act as the securities depository for the Shares.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>DTC
Participant</U></B><FONT STYLE="font-weight: normal">&rdquo;</FONT></FONT> shall mean a Participant in DTC, such as a bank,
broker, dealer or trust company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Cash
Custodian</U></B></FONT>&rdquo; means an entity designated to act as custodian of the Trust&rsquo;s cash pursuant to a written
agreement with the Trust or Sponsor on behalf of 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">&ldquo;<B><U>ether</U></B>&rdquo;
shall mean the unit of account within the Ethereum network, which is based on the decentralized, open source protocol of a peer-to-peer
network of computers running the software protocol underlying ether involved in maintaining the database 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; 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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Ether
Custodian</U></B></FONT>&rdquo; means an entity designated to act as custodian of the Trust&rsquo;s ether pursuant to a written
agreement with the Trust or Sponsor on behalf of 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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Exchange</U></B><FONT STYLE="font-weight: normal">&rdquo;
</FONT></FONT>means the primary exchange or other securities market on which the Shares are listed for trading.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Expenses</U></B></FONT>&rdquo;
shall have the meaning assigned to such term in Section 3.06 herein.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Incidental
Rights</U></B><FONT STYLE="font-weight: normal">&rdquo;</FONT></FONT> shall have the meaning assigned to such term in Section
2.10 herein.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Indemnified
Person</U></B></FONT>&rdquo; shall have the meaning assigned to such term in Section 3.06 herein.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>IR
Assets</U></B></FONT>&rdquo; shall have the meaning assigned to such term in Section 2.10 herein.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Person</U></B></FONT>&rdquo;
means and includes individuals, corporations, partnerships, trusts, associations, joint ventures, estates and other entities, whether
or not legal entities, and governments and agencies and political subdivisions thereof, whether domestic or foreign.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Prospectus</U></B></FONT>&rdquo;
shall have the me<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal">anin</FONT>g
assigned to such term in Section 4.02(e) herein.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Purchase
Order</U></B></FONT>&rdquo; shall have the meaning assigned to such term in Section 2.08 herein.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Purchase
Order Date</U></B></FONT>&rdquo; shall have the meaning assigned to such terms in Section 2.08 herein.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Redemption
Basket</U></B><FONT STYLE="font-weight: normal">&rdquo;</FONT></FONT> means the block of Shares that is redeemed in accordance
with Section 2.09 hereof.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Redemption
Order</U></B></FONT>&rdquo; shall have the meaning assigned to such term in Section 2.09 herein.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Redemption
Order Date</U></B></FONT>&rdquo; shall have the meaning assigned to such term in Section 2.09 herein.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Registered
Owner</U></B><FONT STYLE="font-weight: normal">&rdquo;</FONT></FONT> means the Person in whose name Shares are registered on the
books of the Trust maintained for that purpose.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Registration
Statement</U></B></FONT>&rdquo; me<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal">ans
</FONT>the current registration statement of the Trust as filed with the SEC, either pending effectiveness or already effective,
as the same may at any time and from time to time be amended or supplemented.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>SEC</U></B><FONT STYLE="font-weight: normal">&rdquo;
</FONT></FONT>means the U.S. Securities and Exchange Commission.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Shareholder</U></B></FONT>&rdquo;
means a record owner of at least one outstanding Share.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Share</U></B><FONT STYLE="font-weight: normal">&rdquo;
</FONT></FONT>shall mean an equal proportionate unit of beneficial interest into which the beneficial interest of the Trust shall
be divided. &ldquo;Shares&rdquo; includes fractions of Shares as well as whole Shares.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Sponsor</U></B></FONT>&rdquo;
means Bitwise Investment Advisers, LLC, or any entity into which it may be merged or with which it may be consolidated, or any entity
resulting from any merger or consolidation to which it shall be a party, or any entity succeeding to all or substantially all of
its business as sponsor of the Trust, or any successor Sponsor designated as such by operation of law or any successor Sponsor
appointed as herein provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Sponsor
Agreement</U></B></FONT>&rdquo; means an agreement between the Trust and the Sponsor setting forth, among other things, the Sponsor&rsquo;s
compensation for its services as Sponsor of 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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Sponsor
Indemnified Party</U></B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">shall
have the meaning assigned to such term in </FONT>Section 4.06(c) herein.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Trust</U></B></FONT>&rdquo;
refers to Bitwise Ethereum ETF, a Delaware statutory trust established under the Delaware Act by the filing of the Certificate
of Trust in the Office of the Secretary of State of the State of Delaware on February 16, 2024.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Trust
Agreement</U></B></FONT>&rdquo; shall mean this First Amended and Restated Declaration of Trust and Trust Agreement, as amended
or restated from time to time.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Trust
Property</U></B></FONT>&rdquo; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">means
the property of the Trust and, specifically, the </FONT>ether and cash owned or held by or for the account of the Trust. As set
forth in Section 2.10 herein, any Incidental Rights and IR Assets into which the Trust comes into possession shall not be considered
Trust Property, but rather the property of the Sponsor.</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">&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B><U>Trustee</U></B></FONT>&rdquo;
refers to CSC Delaware Trust Company or any successor trustee designated as such by operation of law or appointed as 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; 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>Section 1.04.&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><U>Grantor
Trust</U></FONT></B>. Notwithstanding any other provision of the Trust Agreement, nothing in this Trust Agreement, any Custody
Agreement (cash or ether), the Sponsor Agreement or otherwise shall be construed to give the Trustee or Sponsor the power to vary
the investment of the Shareholders (within the meaning of Treasury Regulation Section 301.7701-4(c) or any similar or successor
provision of the Code or the regulations under the Code), nor shall the Sponsor give the Trustee any direction that would vary
the investment of the Shareholders. Neither the <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">Trustee
nor the Sponsor shall be liable to any Person for any failure of the Trust to qualify as a &ldquo;grantor trust&rdquo; under </FONT>the
Code or any comparable provision of the laws of any State or other jurisdiction where that treatment is sought, except <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">that
this sentence shall not limit the Trustee&rsquo;s or Sponsor&rsquo;s responsibility for the administration of the Trust in </FONT>accordance
with this Trust Agreement.</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: center"><B>ARTICLE II.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHARES</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: justify; text-indent: 0.5in"><B>Section 2.01.&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><U>Division
of Beneficial Interest</U></FONT></B>. The beneficial interest in the Trust shall be divided into Shares. Each Share of the Trust
shall represent an equal beneficial interest in the net assets of the Trust, and each <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">holder
of Shares shall be entitled to receive such holder&rsquo;s pro rata share of distributions of income and capital gains, </FONT>if
any.</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">All Shares issued hereunder
shall be fully paid and non-assessable. No Share shall have any priority or preference over any other Share of the Trust. All distributions,
if any, shall be made ratably among all Shareholders from the assets of the Trust according to the number of Shares held of record
by such Shareholders on the record date for any distribution or on the date of termination of the Trust, as the case may be. Except
as otherwise provided by the Sponsor, Shareholders shall have no preemptive or other right to subscribe to any additional Shares
or other securities issued by the Trust. Every Shareholder, by virtue of having purchased or acquired a Share, shall 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; 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 Sponsor shall 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 shall 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 By-Laws,
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; text-indent: 0.5in">&nbsp;</P>


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<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>Section 2.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Ownership
of Shares</U></FONT></B>. The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent for
the Trust. No certificates certifying the ownership of Shares shall be issued except as the Sponsor may otherwise determine from
time to time. The Sponsor may make such rules as it considers appropriate for the issuance of Share certificates, transfer of Shares
and similar matters. The record books of the Trust as kept by the Trust, or any transfer or similar agent, as the case may be,
shall 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; 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>Section 2.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Transfer
of Shares</U></FONT></B>. Except as otherwise provided by the Sponsor, Shares shall be transferable on the books of the Trust only
by the record holder thereof or by his duly authorized agent upon delivery to the Sponsor, the Trust's transfer or similar agent
or other Person designated by the Sponsor 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 or contained in the
By-Laws, if any, 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 holder of such Shares for all purposes hereunder.</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>Section 2.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Investments
in the Trust</U></FONT></B>. Investments in the Trust may be accepted by the Trust from such Persons, at such times and on such
terms as the Sponsor from time to time may authorize. Each investment shall be credited to the Shareholder&#8217;s account in the
form of full and fractional Shares of the Trust at the net asset value per Share next determined after receipt of the investment;
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal"><I>provided, however,</I></FONT>
that the Sponsor may, in its sole discretion, impose a sales charge, transaction fee or other charges upon investments or place
such other restrictions on investments as the Sponsor, in its sole discretion, deems appropriate.</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>Section 2.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Status
of Shares and Limitation of Personal Liability</U></FONT></B>. The ownership of the Trust Property and the right to conduct the
business of the Trust described herein are vested exclusively in the Sponsor and the Trustee. The Shareholders shall have no interest
therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or
division of any Trust Property, rights or interests of the Trust, nor can they be called upon to share or assume any losses of
the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. Every Shareholder, by virtue of having purchased
a Share, shall become a Shareholder of the Trust and shall be held to have expressly assented and agreed to be bound by the terms
hereof and to have become a party hereto. The death, incapacity, dissolution, termination or bankruptcy of a Shareholder during
the existence of the Trust shall not operate to terminate the Trust, nor entitle the representative of any deceased Shareholder
to an accounting or to take any action in court or elsewhere against the Trust, the Sponsor or the Trustee, but entitles such representative
only to the rights of such Shareholder under this Trust Agreement. Ownership of Shares shall not constitute the Shareholders as
partners. The Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights (except as
specified in this Trust Agreement or as specified by the Trust or the Sponsor when creating the Shares). No Shareholder shall be
subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations
or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a
private corporation for profit incorporated under the Delaware General Corporation Law.</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>Section 2.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Designation
and Rights of Shares</U></FONT></B>. Shares of the Trust shall have the following rights and preferences:</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: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B><I><U>Voting</U></I></B><I><FONT STYLE="font-weight: normal">.</FONT></I></FONT>
All Shares of the Trust entitled to vote on a matter shall vote without differentiation on a one vote per each Share (including
fractional votes for fractional shares) basis, as set forth in Article IX herein.</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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B><I><U>Equality</U></I></B><I><FONT STYLE="font-weight: normal">.</FONT></I></FONT>
All the Shares shall represent an equal proportionate undivided interest in the assets of the Trust (subject to the liabilities
of the Trust), and each Share shall be equal to each other Share.</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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B><I><U>Fractions</U></I></B><I><FONT STYLE="font-weight: normal">.</FONT></I></FONT>
Any fractional Share shall carry proportionately all the rights and obligations of a whole Share, including rights with respect
to voting, receipt of dividends and distributions, redemption of Shares and termination of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<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>Section 2.07.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Creation
and Redemption of Shares</U></FONT></B>. The Trust will create and redeem Shares from time to time, but only in one or more Creation
Baskets or Redemption Baskets. The creation and redemption of baskets are only made in exchange for delivery to the Trust or the
distribution by the Trust of the amount of ether or cash represented by the baskets being created or redeemed, the amount of which
is equal to the combined NAV of the number of Shares included in the baskets being created or redeemed determined in accordance
with the then current Prospectus and Authorized Participant Agreement.</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">Authorized Participants
are the only persons that may place orders to create and redeem baskets. Authorized Participants must be (a) registered broker-dealers
or other securities market participants, such as banks and other financial institutions, that are not required to register as broker-dealers
to engage in securities transactions described below, and (b) DTC Participants. To become an Authorized Participant, a person must
enter into an Authorized Participant Agreement with the Sponsor. The Authorized Participant Agreement shall provide, consistent
with the creation and redemption procedures set forth below, procedures for the creation and redemption of baskets and for the
delivery of the ether required for such creation and redemptions. The Authorized Participant Agreement and the related procedures
attached thereto may be amended by the Trust or the Sponsor (as the case may be), without the consent of any Shareholder or Authorized
Participant. To the extent that the procedures for the creation and redemption of baskets in an Authorized Participant Agreement
or Registration Statement conflict with the creation and redemption procedures set forth below, the terms set forth in the Authorized
Participant Agreement or Registration Statement shall govern. The Sponsor may require the Authorized Participants to pay the Trust
a fee for each order they place to create or redeem one or more Creation Baskets. The transaction fee may be reduced, increased
or otherwise changed by the Sponsor in its sole discretion.</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">Each Authorized Participant
shall be required to be registered as a broker-dealer under the Securities Exchange Act of 1934 and a member in good standing with
the Financial Industry Regulatory Authority (&#8220;<B>FINRA</B>&#8221;), the self-regulatory agency for the financial services
industry, or exempt from being or otherwise not required to be licensed as a broker-dealer or a member of FINRA, and shall be qualified
to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized
Participants may also be regulated under federal and state banking laws and regulations. Each Authorized Participant shall have
its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its
own regulatory regime.</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">Sections 2.08 and 2.09
below specify the procedures that shall be used for the creation and issuance of Creation Baskets and the redemption of Redemption
Baskets.</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>Section 2.08.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Creation
and Issuance of Creation Baskets</U></FONT></B>. The following procedures, except to the extent otherwise provided in the Authorized
Participant Agreement for each Authorized Participant, which may be amended from time to time in accordance with the provisions
of such Authorized Participant Agreement (and any such amendment shall not constitute an amendment of this Trust Agreement), shall
apply to the creation and issuance of Creation Baskets. Subject to the limitations upon and requirements for issuance of Creation
Baskets stated herein and in such procedures, the number of Creation Baskets that may be issued by the Trust shall be unlimited.</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: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B><I><U>Creation
and Issuance of Creation Baskets</U></I></B><I><FONT STYLE="font-weight: normal">.</FONT></I></FONT> On any Business Day, an Authorized
Participant may place an order to create one or more baskets in the manner provided in the Authorized Participant Agreement (such
request by an Authorized Participant, a &#8220;<B>Purchase Order</B>&#8221;). For purposes of processing Purchase and Redemption
Orders, a &#8220;business day&#8221; means any day other than a day when the Exchange is closed for regular trading. Purchase Orders
must be placed by 3:59 p.m., New York Time or the close of regular trading on the Exchange, whichever is earlier, for in-kind orders,
or 2:00 p.m., New York Time or the close of regular trading on the Exchange, whichever is earlier, for cash orders. These order
placement times are subject to change in the sole discretion of the Sponsor at any time and such changes need not be evidenced
by an amendment to this Trust Agreement. The day on which the valid Purchase Order is received in the manner provided in the Authorized
Participant Agreement and Registration Statement is referred to as the &#8220;Purchase Order <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">Date&#8221;</FONT>
Authorized Participants may not withdraw a creation request.</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">Prior to the delivery
of baskets for a Purchase Order, the Authorized Participant must have wired to the Ether Custodian or the Cash Custodian (as the
case may be) the nonrefundable transaction fee, if applicable, due for the Purchase Order. An Authorized Participant shall also
be responsible for any transfer tax, sales or use tax, recording tax, value added tax or similar tax or other governmental charge
applicable to the transfer of ether and the issuance and delivery of Shares pursuant to its Purchase Order, regardless of whether
such tax or charge is imposed directly on the Authorized Participant; and by placing a Purchase Order an Authorized Participant
agrees to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax or charge, together
with any applicable penalties, additions to tax and interest thereon.</P>

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<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">The manner by which creations
are made is dictated by the terms of the Authorized Participant Agreement. By placing a purchase order, an Authorized Participant
agrees to deposit ether with the Ether Custodian or an equivalent amount of cash with the Cash Custodian. If an Authorized Participant
fails to consummate the foregoing, the order will be cancelled.</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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B><I><U>Determination
of Required Deposits</U></I></B><I><FONT STYLE="font-weight: normal">.</FONT></I></FONT> The total deposit required to create
each basket (&#8220;<B>Creation Basket Deposit</B>&#8221;) changes from day to day and is published each night for the following
Business Day. On each day that the Exchange is open for regular trading, the Administrator adjusts the quantity of ether constituting
the Creation Basket Deposit as appropriate to reflect accrued expenses and any loss of ether that may occur, and publishes the
required deposit amount for the following Business Day. The computation is made by the Administrator after 4:00 p.m. New York
time. The Administrator determines the Creation Basket Deposit required to be delivered the following Business Day by dividing
the number of ether held by the Trust as of the close of business on that Business Day, adjusted for the amount of ether constituting
estimated accrued but unpaid fees and expenses of the Trust as of the close of business on that Business Day, by the quotient
of the number of Shares outstanding at the close of business, multiplied by 10,000. Fractions of a ether smaller than eighth decimal
place are disregarded for purposes of the computation of the Creation Basket Deposit. The Creation Basket Deposit so determined
is communicated via electronic mail message to all Authorized Participants and is made available on the Sponsor&#8217;s website
for the Shares. The Exchange also publishes the Creation Basket Deposit determined by the Administrator as indicated above.</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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B><I><U>Delivery
of Required Deposits</U></I></B><I><FONT STYLE="font-weight: normal">.</FONT></I></FONT> An Authorized Participant who places a
Purchase Order is responsible for transferring to the Trust&#8217;s account with the Ether Custodian the required amount of ether,
or the equivalent cash amount with the Cash Custodian, by no later than 3:00 pm New York Time on the Business Day following the
Purchase Order Date, or at such later time as may be agreed upon by the Sponsor and the Authorized Participant. Upon receipt of
the deposit amount or cash equivalent amount, the Administrator will direct DTC to credit the number of baskets ordered to the
Authorized Participant&#8217;s DTC account. The expense and risk of delivery and ownership of ether until such ether has been received
by the Ether Custodian on behalf of the Trust shall be borne solely by the Authorized Participant unless otherwise described in
the Authorized Participant Agreement.</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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B><I><U>Rejection
of Purchase Orders</U></I></B><I><FONT STYLE="font-weight: normal">.</FONT></I></FONT> Any Purchase Order shall be subject to rejection
by the Sponsor at its sole discretion as set forth in the Authorized Participant Agreement. None of the Sponsor, the Person authorized
to take Purchase Orders in the manner provided in the Authorized Participant Agreement, or the Ether Custodian shall be liable
for the rejection of any Purchase Order or Creation Basket Deposit.</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">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B><I><U>Changes
in Creation Procedures</U></I></B><I><FONT STYLE="font-weight: normal">.</FONT></I></FONT> The procedures set forth in this Section
2.08 may be changed from time-to-time at the sole discretion of the Sponsor and need not be evidenced by an amendment to this Trust
Agreement..</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: 0.5in"><B>Section 2.09.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Redemption
of Creation Baskets</U></FONT></B>. The following procedures, except to the extent otherwise provided in the Authorized Participant
Agreement for each Authorized Participant, which may be amended from time to time in accordance with the provisions of such Authorized
Participant Agreement (and any such amendment shall not constitute an amendment of this Trust Agreement), apply to the redemption
of Redemption Baskets.</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: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B><I><U>Redemption
Baskets</U></I></B><I><FONT STYLE="font-weight: normal">.</FONT></I></FONT></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 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
procedures by which an Authorized Participant can redeem one or more Redemption Baskets mirror the procedures for the creation
of baskets. On any business day, an Authorized Participant may place an order with the Marketing Agent to redeem one or more baskets
(each, a &#8220;<B>Redemption Order</B>&#8221;). Redemption Orders must be placed by 3:59 p.m. New York Time or the close of regular
trading on the Exchange, whichever is earlier; or 2:00 p.m. New York Time for cash orders or the close of regular trading on the
Exchange, whichever is earlier. For a redemption of baskets utilizing the Agent Execution Model (as such term is defined in the
Registration Statement), the Authorized Participant may <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">be
required to submit a Redemption Order by an early order cutoff time (the &#8220;Redemption Early Order Cutoff Time&#8221;). The
Redemption Early Order Cutoff Time may be as early as 5:00 p.m. </FONT>New York Time on the Business day prior to Redemption Order
Date (as defined below). These order placement times are subject to change in the sole discretion of the Sponsor at any time and
such changes need not be evidenced by an amendment to this Trust Agreement. A Redemption Order so received shall be effective
on the date it is received in satisfactory form by the Person authorized to take Redemption Orders in the manner provided in the
Authorized Participant Agreement (&#8220;<B>Redemption Order Date</B>&#8221;). The redemption procedures shall allow Authorized
Participants to redeem baskets but do not entitle an individual shareholder to redeem any Shares in an amount less than a Redemption
Basket, or to redeem baskets other than through an Authorized Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
placing a Redemption Order, an Authorized Participant agrees to deliver the Shares to be redeemed through DTC&#8217;s book-entry
system to the Trust not later than the Business Day following the Redemption Order Date. Prior to the delivery of the redemption
distribution for a Redemption Order, the Authorized Participant must also have wired to the Sponsor&#8217;s account at the Ether
Custodian or the Cash Custodian (as the case may be) the non-refundable transaction fee due for the Redemption Order. As a condition
precedent to the surrender of any Shares or withdrawal of any Trust Property, the Sponsor (i) may require payment from the applicable
Authorized Participant of a sum sufficient to reimburse it for any tax or other governmental charges and any transfer or other
fee with respect thereto (including any such tax or charge and fee with respect to any ether being withdrawn) and payment of any
applicable fees as herein provided and (ii) may also require compliance with any regulations the Trust may establish consistent
with the provisions of this Agreement. The applicable Authorized Participant agrees to indemnify the Sponsor, the Trustee and the
Trust if any of them is required by law to pay any such tax, charge or fee, together with any applicable penalties, additions to
tax and interest thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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">An Authorized Participant
may not withdraw a Redemption Order.</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 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
manner by which redemptions are made shall be dictated by the terms of the Authorized Participant Agreement. By placing a Redemption
Order, an Authorized Participant agrees to deliver the Shares to be redeemed through DTC&#8217;s book-entry system to the Trust&#8217;s
account through the Transfer Agent no later than the Business Day following the Redemption Order Date. In the event that on the
Business Day following the Redemption Order Date, <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">the
Trust&#8217;s account at DTC shall not have been </FONT>credited with the total number of Shares corresponding to the total number
of Redemption Baskets to be redeemed pursuant to such Redemption Order the Transfer Agent shall send to the Authorized Participant,
the Sponsor and the Ether Custodian via fax or electronic mail message notice of such fact and the Authorized Participant shall
have two (2) Business Days following receipt of such notice to correct such failure. If such failure is not cured within such two
(2) Business Day period, the Transfer Agent (in consultation with the Sponsor) will cancel such Redemption Order and will send
via fax or electronic mail message notice of such cancellation to the Authorized Participant and the Ether Custodian, and the Authorized
Participant will be solely responsible for all costs incurred by the Trust, the Transfer Agent, the Sponsor or the Ether Custodian
related to the cancelled Redemption Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B><I><U>Determination
of Redemption Distribution</U></I></B><I><FONT STYLE="font-weight: normal">.</FONT></I></FONT> The redemption distribution from
the Trust shall consist of a transfer to the redeeming Authorized Participant of an amount of ether or an equivalent amount of
cash that is determined in the same manner as the determination of Creation Basket Deposits discussed above. An estimate of the
redemption distribution per basket shall be published as of the beginning of each Business Day in the manner provided for in the
Authorized Participant Agreement.</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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B><I><U>Delivery
of Redemption Distribution</U></I></B><I><FONT STYLE="font-weight: normal">.</FONT></I></FONT> The redemption distribution due
from the Trust shall be delivered to the Authorized Participant no later than the Business Day on which the Trust&#8217;s DTC account
has been credited with the Shares to be redeemed.</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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B><I><U>Suspension
or Rejection of Redemption Orders</U></I></B><I><FONT STYLE="font-weight: normal">.</FONT></I></FONT> The Sponsor may, in its discretion,
suspend the right of purchase or redemption or may postpone the redemption settlement date, for (1) for any period during which
the Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange is suspended or restricted,
(2) any period during which an emergency exists as a result of which the fulfillment of a purchase order or the redemption distribution
is not reasonably practicable (for example, as a result of an interruption in services or availability of the Prime Execution Agent,
Ether Custodian, Cash Custodian, Administrator, or other service providers to the Trust, act of God, catastrophe, civil disturbance,
government prohibition, war, terrorism, strike or other labor dispute, fire, force majeure, interruption in telecommunications,
Internet services, or network provider <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">services,
unavailability of Fedwire, SWIFT or banks&#8217; </FONT>payment processes, significant technical failure, bug, error, disruption
or fork of the Ethereum network, hacking, cybersecurity breach, or power, Internet, or Ethereum network outage, or similar event),
or (3) such other period as the Sponsor determines to be necessary for the protection of the Shareholders of the Trust (for example,
where acceptance of the U.S. dollars needed to create each Basket would have certain adverse tax consequences to the Trust or its
Shareholders). For example, the Sponsor may determine that it is <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">necessary
to suspend redemptions to allow for the orderly liquidation of the Trust&#8217;s assets. If the Sponsor has difficulty liquidating
the Trust&#8217;s positions, <I>e.g.</I></FONT>, because of a market disruption event or an unanticipated delay in the liquidation
of a position in an over-the-counter contract, it may be appropriate to suspend redemptions until such time as such circumstances
are rectified. None of the Sponsor, the person authorized to take Redemption Orders in the manner provided in the Authorized Participant
Agreement, the Ether Custodian or the Cash Custodian will be liable to any person or in any way for any loss or damages that may
result from any such suspension or postponement.</P>

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<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">Redemption Orders must
be made in whole baskets. The Sponsor acting by itself or through the Person authorized to take Redemption Orders in the manner
provided in the Authorized Participant Agreement may, in its sole discretion, reject any Redemption Order (1) the Sponsor determines
not to be in proper form, (2) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations,
or (3) if circumstances outside the control of the Sponsor, the Person authorized to take Redemption Orders in the manner provided
in the Authorized Participant Agreement or the Custodian make it for all practical purposes not feasible for the Shares to be delivered
under the Redemption Order. The Sponsor may also reject a redemption order if the number of Shares being redeemed would reduce
the remaining outstanding Shares to 100,000 Shares or less.</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">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B><I><U>Creation
and Redemption Transaction Fee</U></I></B><I><FONT STYLE="font-weight: normal">.</FONT></I></FONT> To compensate the Trust for
its expenses in connection with the creation and redemption of baskets, an Authorized Participant shall be required to pay a transaction
fee to the Trust to create or redeem baskets, regardless of the number of baskets in such order. The transaction fee may be reduced,
increased or otherwise changed by the Sponsor.</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">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B><I><U>Changes
in Redemption Procedures</U></I></B><I><FONT STYLE="font-weight: normal">.</FONT></I></FONT> The procedures set forth in this Section
2.09 may be changed from time-to-time at the sole discretion of the Sponsor and need not be evidenced by an amendment to this Trust
Agreement.</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">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B><I><U>Liability
of Authorized Participants for Taxes and Other Governmental Charges</U></I></B><I><FONT STYLE="font-weight: normal">.</FONT></I></FONT>
An Authorized Participant is responsible for any transfer tax, sales or use tax, recording tax, value added tax or similar tax
or other governmental charge that may be imposed on the Trust or the Ether Custodian in connection with any delivery of ether by
or on behalf of the Authorized Participant to the Ether Custodian (in the case of a Purchase Order placed by the Authorized Participant),
or any delivery of ether to or for the account of the Authorized Participant (in the case of a Redemption Order placed by the Authorized
Participant).</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">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B><I><U>The
Authorized Participant</U></I></B><I><FONT STYLE="font-weight: normal">.</FONT></I></FONT> The applicable Authorized Participant
agrees to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax, charge or fee,
together with any applicable penalties, additions to tax and interest thereon.</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: 0.5in"><B>Section 2.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Incidental
Rights</U></FONT></B>. From time to time, the Trust may come into possession of rights incident to its ownership of ether, which
permit the Trust to acquire, or otherwise establish dominion and control over, other digital assets. These rights are generally
expected to be &#8220;forked assets&#8221; that arise in connection with hard forks in the distributed ledger that maintains the
full transaction history of the Ethereum network, airdrops offered to holders of ether and digital assets arising from other similar
events without any action of the Trust or of the Sponsor or Trustee on behalf of the Trust. These rights are referred to as &#8220;<B>Incidental
Rights</B>&#8221; and any digital assets acquired through Incidental Rights are referred to as &#8220;<B>IR Assets</B>&#8221; The
Trust expressly disclaims all ownership of such Incidental Rights and IR Assets. Such assets are not and shall never be considered
Trust Property and will not be taken into account for <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">purposes
of determining the Trust&#8217;s net asset value and the net asset value per Share. </FONT>Pursuant to the terms of the Sponsor
Agreement, the Sponsor agrees that any Incidental Rights and IR Assets into which the Trust comes into possession are considered
the property of the Sponsor. Upon receipt of an Incidental Right or IR Asset, the Trust will, as soon as practicable, and, if possible,
immediately, distribute such assets to the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<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>Section 2.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Cash
Distributions</U></FONT></B>. Whenever the Trust distributes any cash, the Trust shall distribute the amount available for the
distribution to the Registered Owners entitled thereto, in proportion to the number of Shares held by them respectively; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal"><I>provided,
however,</I></FONT> that, if the Trust is required to withhold and does withhold from such cash an amount on account of taxes,
the amount distributed to the Registered Owners shall be reduced accordingly. The Trust shall distribute only such amount, however,
as can be distributed without attributing to any Registered Owner a fraction of one cent. Any such fractional amounts shall be
rounded down to the nearest whole cent. The Trust will not accept any deposits if it holds any cash or other property besides ether.</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>Section 2.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Other
Distributions</U></FONT></B>. Whenever the Trust receives any property in respect of Trust Property other than cash proceeds of
a sale of Trust Property (including any claim that accrues in favor of the Trust on account of any loss of deposited ether or other
Trust Property), the Sponsor shall cause the Trust to distribute such property to the Registered Owners entitled thereto, in proportion
to the number of Shares held by them respectively, after deduction or upon payment of the expenses of the Trust or the Sponsor
(acting for the Trust), in such manner as the Sponsor may deem lawful, equitable and feasible for accomplishing such distribution;
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal"><I>provided, however,</I></FONT>
that if in the opinion of the Sponsor such distribution cannot be made proportionately among the Registered Owners entitled thereto,
or if for any other reason (including any requirement that the Trust, or the Sponsor on behalf of the Trust, withhold an amount
on account of taxes or other governmental charges or that securities must be registered under the Securities Act in order to be
distributed to Registered Owners) the Sponsor deems such distribution not to be lawful and feasible, the Trust shall adopt such
method as the Sponsor deems lawful, equitable and feasible for the purpose of effecting such distribution, after deduction or upon
payment of the expenses of the Trust or the Sponsor (acting for the Trust), including the public or private sale of property thus
received, or any part thereof, and the net proceeds of any such sale shall be distributed by the Trust to the Registered Owners
entitled thereto as in the case of a distribution received in cash. Neither the Trust not the Sponsor shall be liable for any loss
or depreciation resulting from any sale or other disposition of property made by the Trust pursuant to the Sponsor&#8217;s instruction
or otherwise made by the Trust in good faith.</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: center"><B>ARTICLE III.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUSTEE</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: justify; text-indent: 0.5in"><B>Section 3.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Duties</U></FONT></B>.
The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the purpose of satisfying the requirement
of Section 3807(a) of the Delaware Act that the Trust 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 no such duties shall be implied. The duties of the Trustee shall be limited to (a) accepting legal process served on the Trust
in the State of Delaware, (b) 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 Act, and (c) any other duties specifically
allocated to the Trustee in this Trust Agreement. To the extent that, at law or in equity, the Trustee has duties (including fiduciary
duties) and liabilities relating thereto to the Trust or any Shareholder, it is hereby understood and agreed by the Sponsor 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; 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>Section 3.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Liability
of Trustee</U></FONT></B>. The Trustee shall not be liable for the acts or omissions of the Sponsor, nor shall the Trustee be liable
for supervising or monitoring the performance and the duties and obligations of the Sponsor or the Trust under this Agreement.
The Trustee shall 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; 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: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall 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; 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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
provision of this Agreement shall 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; text-align: justify; text-indent: 1in">&nbsp;</P>


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<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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;under
no circumstances shall 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; 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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall not be personally responsible for or in respect of the validity or sufficiency of this Trust Agreement or for the
due execution hereof by the Sponsor;</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">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall 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 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; 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">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 shall not be liable for the default or misconduct of such agents or
attorneys if such agents or attorneys shall 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 shall 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; 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">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as expressly provided in this Article III, in accepting and performing the trust hereby created the Trustee acts solely as a trustee
hereunder and not in its individual capacity, and all persons having any claim against the Trustee by reason of the transactions
contemplated by this Trust Agreement shall look only to the Trust&#8217;s property for payment or satisfaction thereof; and</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">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee shall 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; 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: 0.5in"><B>Section 3.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Compensation
and Expenses of the Trustee</U></FONT></B>. The Trustee (or any successor Trustee) shall be entitled to receive compensation from
the Sponsor or from the Trust for its services in accordance with such schedules as shall have been separately agreed to from time
to time by the Sponsor and the Trustee or Trust. 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, <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal"><I>provided
that</I></FONT> no such fees shall be payable to the extent that they are incurred as a result of the Trustee&#8217;s gross negligence,
bad faith or willful misconduct. The Trustee may earn compensation in the form of short-term interest (&#8220;<B>float</B>&#8221;)
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.
Notwithstanding any other provision of this Agreement, all payments to the Trustee, including fees, expenses and any amounts paid
in connection with indemnification of the Trustee in accordance with the terms of this Agreement will be payable only in U.S. Dollars.</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>Section 3.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Term;
Resignation</U></FONT></B>. The Trustee shall serve for the duration of the Trust and until the earlier of (a) the effective date
of the Trustee&#8217;s resignation, or (b) the effective date of the removal of the Trustee. The Trustee may resign at any time
by giving thirty (30) days written notice to the Sponsor; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal"><I>provided,
however,</I></FONT> that said resignation shall not be effective until such time as a successor Trustee has accepted such appointment.
The Trustee may be removed at any time by the Sponsor by providing thirty (30) days written notice to the Trustee; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal"><I>provided,
however,</I></FONT> such removal shall not be effective until such time as a successor Trustee has accepted such appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<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>Section 3.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Successor
Trustee</U></FONT></B>. Upon the resignation or removal of the Trustee, the Sponsor shall appoint a successor Trustee. If no successor
Trustee shall have been appointed and shall have accepted such appointment within forty-five (45) days after the giving of such
notice of resignation or removal, the Trustee may petition any court of competent jurisdiction for the appointment of a successor
Trustee. Any successor Trustee appointed pursuant to this Section shall be eligible to act in such capacity in accordance with
this Trust Agreement and, following compliance with this Section, shall become fully vested with the rights, powers, duties and
obligations of its predecessor under this Agreement, with like effect as if originally named as Trustee. Any such successor Trustee
shall notify the Trustee of its appointment by providing a written instrument to the Trustee. At such time the Trustee shall be
discharged of its duties herein. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated,
or any corporation resulting from any merger, conversion or consolidation to which such Trustee shall be a party, or any corporation
to which substantially all the corporate trust business of the Trustee may be transferred, shall, subject to the preceding sentence,
be the Trustee under this Trust Agreement without further act.</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>Section 3.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Indemnification</U></FONT></B>.
The Trustee or any officer, affiliate, director, employee, or agent of the Trustee (each, an &#8220;Indemnified Person&#8221;)
shall be entitled to indemnification from the Sponsor or the Trust, to the fullest extent permitted by law, from and against any
and all losses, claims, taxes, damages, reasonable expenses, and liabilities (including liabilities under State or federal securities
laws) of any kind and nature whatsoever (collectively, &#8220;Expensed&#8221;), to the extent that such Expenses arise out of or
are imposed upon or asserted against such Indemnified Persons with respect to the creation, operation or termination of the Trust,
the execution, delivery or performance of this Trust Agreement or the transactions contemplated hereby; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal"><I>provided,
however,</I></FONT> that the Sponsor and the Trust shall not be required to indemnify any Indemnified Person for any Expenses that
are a result of the willful misconduct, bad faith or gross negligence of such Indemnified Person. The obligations of the Sponsor
and the Trust to indemnify the Indemnified Persons as provided herein shall survive the termination of this Trust Agreement.</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 Trustee shall not
be obligated to give any bond or other security for the performance of any of its duties hereunder.</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: center"><B>ARTICLE IV.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SPONSOR</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: justify; text-indent: 0.5in"><B>Section 4.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Management of the Trust</U></FONT></B>. Pursuant
to Sections 3806(a) and 3806(b)(7) of the Delaware Act, the Trust shall be managed by the Sponsor and the conduct of the Trust's
business shall be controlled and conducted solely by the Sponsor in its sole discretion in accordance with this Trust Agreement.
Any determination as to what is in the interests of the Trust made by the Sponsor in good faith shall be conclusive. In construing
the provisions of this Trust Agreement, the presumption shall be in favor of a grant of power to the Sponsor except as limited,
restricted or prohibited by the express provisions of this Trust Agreement <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">(<I>see,
e.g.,</I></FONT> Section 1.04). The enumeration of any specific power in this Trust Agreement shall not be construed as limiting
the aforesaid or any other power.</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 shall not
engage in any business or activities other than those authorized by this Trust Agreement or incidental and necessary to carry out
the duties and responsibilities set forth in this Trust Agreement. Other than issuance of the Shares, the Trust shall not issue
or sell any certificates or other obligations or, except as provided in this Trust Agreement, otherwise incur, assume or guarantee
any indebtedness for money borrowed.</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>Section 4.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Authority of Sponsor</U></FONT></B>. 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 (<I>see</I>, <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal"><I>e.g.,
</I></FONT>Sections 1.02 and 1.04) or the Delaware Act, the Sponsor shall have and may exercise on behalf of the Trust, all powers
and rights the Sponsor, in its sole discretion, deems necessary, proper, convenient or advisable to effectuate and carry out the
purposes, activities and objectives of the Trust, which shall include, without limitation, the following:</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: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
enter into, execute, deliver and maintain, and to cause the Trust to perform its obligations under, contracts, agreements (including,
but not limited to, insurance agreements) and any or all other documents and instruments, and to do and perform all such things
as may be in furtherance of Trust purposes or necessary or appropriate for the offer and sale of the Shares and the conduct of
Trust activities and administration, and the activities and administration of the Trust, including, but not limited to contracts
with third parties for services; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal"><I>provided,
however,</I></FONT> 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 the terms and conditions of the agreement pursuant to which such Affiliate is to perform services
for the Trust are commercially reasonable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
establish, maintain, deposit into, and/or otherwise draw upon accounts on behalf of the Trust with appropriate custodial, banking
or other institutions, and execute and/or accept any instrument or agreement incidental to the Trust&#8217;s business and in furtherance
of its purposes, any such instrument or agreement so executed or accepted by the Sponsor in the Sponsor&#8217;s name shall be deemed
executed and accepted on behalf of the Trust, as applicable, by the Sponsor;</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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
deposit, withdraw, pay, retain and distribute ether and Trust Property, 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; 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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
place ether orders for the Trust with ether exchanges and/or OTC market participants directly or through any electronic or other
trading system;</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">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
supervise the preparation and filing of the Registration Statement and the Trust&#8217;s prospectus (the &#8220;<B>Prospectus</B>&#8221;)
and to execute the Registration Statement on behalf of the Trust;</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">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
pay or authorize the payment of distributions to the Shareholders and pay or authorize the payment of the expenses of the Trust;</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">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
hold or dispose of Trust Property and to subscribe for, purchase or otherwise acquire, own, hold, pledge, sell, assign, transfer,
exchange, distribute, or otherwise deal in Trust Property, in each case subject to the limitations imposed by Section 1.04, and
to do any and all acts and things for the maintenance, preservation, and protection of Trust Property; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal"><I>provided,
however,</I></FONT> that if the Sponsor sells ether to permit payment of expenses under this Trust Agreement, the Sponsor shall
endeavor to sell ether at such times and in the smallest amounts required to permit payment of expenses as they come due, it being
the intention to avoid or minimize the Trust&#8217;s holdings of assets other than ether. Neither the Trustee nor the Sponsor shall
be liable or responsible in any way for loss or depreciation resulting or incurred by reason of any sale made pursuant to this
Section 4.02;</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">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
exercise powers and right of subscription or otherwise with respect to the ownership of Trust Property;</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">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
prepare and file an application to enable the Shares to be traded on the Exchange and to take any other action and execute and
deliver any documents that may be necessary to effectuate such trading;</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">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
litigate, compromise, arbitrate, settle or otherwise adjust claims in favor of or against the Trust, or any matter in controversy,
including but not limited to claims for taxes;</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">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
contract with any Person(s) appointing such Person(s), including any Affiliate, to provide services to the Trust, including without
limitation, accountants, administrators, auditors, ether exchanges and over-the-counter (&#8220;<B>OTC</B>&#8221;) market participants,
index providers, transfer agents, shareholder servicing agents, marketing agents or other agents for the Trust;</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">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
determine, in its sole discretion and exclusive authority, the net asset value of the Trust and the net asset value per Share of
the Trust. The Sponsor may, and hereby does, delegate to the Administrator the <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">responsibility
to calculate the Trust&#8217;s net asset value and net asset value per Share, based on a pricing source selected </FONT>by the
Sponsor, in its sole discretion, and pursuant to the valution <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">metholodgy
set forth in the Trust&#8217;s Registration </FONT>Statement and in accordance with the terms of the Fund Administration and Accounting
Agreement entered into between the Trust and the Administrator, as may be amended from time to time. The Sponsor may revoke its
delegation <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">to the Administrator
of the responsibility of calculating the Trust&#8217;s net asset value </FONT>and the net asset value per Share at any time in
its sole discretion; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<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">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
enter into the Sponsor Agreement on terms and conditions acceptable to the Sponsor.</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">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
enter into and effectuate any agreement whereby the Trust will purchase the assets of any other Person(s) pursuant to which such
Person(s) contribute assets to the Trust in exchange for Shares of the Trust and/or the assumption by the Trust of the liabilities
of such Person(s).</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: 0.5in">The agreement pursuant
to which an Affiliate is to perform services for the Trust shall be terminable by the Trust without penalty upon discovery of acts
of fraud or willful malfeasance of the Affiliate in performing its duties thereunder.</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>Section 4.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Obligations
of Sponsor</U></FONT></B>. In addition to the obligations expressly provided by the Delaware Act or this Trust Agreement, the Sponsor
shall:</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: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; 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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; 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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employ
attorneys to represent the Trust;</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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select
the Trust&#8217;s Trustee, administrator, transfer agent, custodian(s), ether exchange counterparties and OTC market participant
counterparties, 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; 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">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; 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">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintain
the Trust&#8217;s website;</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">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquire
and sell ether, subject in each instance to the limitations imposed by Section 1.04, with a view to providing Shareholders with
exposure to ether at a price that is reflective of the actual ether market where investors can purchase or sell ether, less the
expenses of the Trust&#8217;s operations, valuing the Trust&#8217;s Shares daily based on a pricing methodology adopted by the
Sponsor in its discretion (for the avoidance of doubt, the Sponsor may select such pricing methodology without Shareholder approval);</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">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; 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">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive
directly or through its delegates from Authorized Participants and process or cause its delegates to process properly submitted
Purchase Orders, as described in Section 2.08 herein and in the Authorized Participant Agreement;</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">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with Purchase Orders, receive directly or through its delegates the number of ether and/or cash in an amount equal to
the net asset value of a Creation Basket from Authorized Participants;</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">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with Purchase Orders, after accepting an Authorized Participant&#8217;s Purchase Order and receiving ether and/or cash,
as applicable, in an amount equal to the NAV of the Creation Basket(s), the Sponsor or its delegate shall direct the Trust&#8217;s
appointed transfer agent (&#8220;<B>Transfer Agent</B>&#8221;) to credit the Creation Baskets to fill the Participant&#8217;s
Purchase Order within one Business Day immediately following the Purchase Order Date;</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">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive
directly or through its delegates from Authorized Participants and process or cause its delegates to process properly submitted
Redemption Orders, as described in Section 2.09 herein and in the Authorized Participant Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<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">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with Redemption Orders, after receiving the Redemption Order specifying the number of Creation Baskets that the Authorized
Participant wishes to redeem and after the Trust&#8217;s DTC account has been credited with the Creation Baskets to be redeemed,
the Sponsor or its delegates shall transfer to the redeeming Authorized Participant: i) in the case of a cash redemption, an amount
of cash and ii) in the case of an in-kind redemption, an amount of ether, in each case equal to the NAV of the Trust multiplied
by the number of Shares to be redeemed under the Redemption Order;</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">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; 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">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 shall be an expense of the Trust.</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">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monitor
all fees charged to the Trust, and the services rendered by the service providers to the Trust, to determine whether the fees paid
by, and the services rendered to, the Trust are at competitive rates and are the best price and services available under the circumstances,
and if necessary, renegotiate the fee structure to obtain such rates and services for the Trust;</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">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; 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">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; 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: 0.5in">The foregoing clauses
shall be construed as both 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; 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 Sponsor shall be
entitled to delegate its obligations under this Trust Agreement and applicable law to third parties, including any Affiliate, and
shall not be liable for the actions of such third party to the extent the selection of such third party was made with reasonable
care or, as applicable, the selection of such Affiliate was made in accordance with Section 4.02(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"><B>Section 4.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Compensation
of the Sponsor</U></FONT></B>. The Sponsor shall be entitled to compensation for its services as Sponsor of the Trust as set forth
in the Sponsor Agreement (the <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">&#8220;Sponsor
</FONT>Fee&#8221;). The Sponsor Agreement stipulates that the Sponsor Fee is payable monthly in arrears. In limited circumstances
and only if deemed in the best interests of Shareholders, the Sponsor is authorized to instruct the Administrator to change the
dates on which the Sponsor Fee is deducted as described in the Registration Statement. The Sponsor Fee payment dates may be delayed
in order for the Trust, which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), to report
in accordance with any of the methods described in Treasury Reg. Section 1.671-5(c)(2)(iv)(B). The Trustee shall have no liability
or responsibility for amounts paid to the Sponsor pursuant to this Section 4.04. The Sponsor may, at its sole discretion and from
time to time, waive all or a portion of its fee payable under this Section 4.04. The Sponsor is under no obligation to waive its
fees hereunder, and any such waiver shall create no obligation to waive fees during any period not covered by the applicable waiver.
Any fee waiver by the Sponsor shall not operate to reduce the Sponsor&#8217;s obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<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>Section 4.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Sponsor&#8217;s Obligations with Respect to
Hard Forks</U></FONT></B>. Because ether software is open source, any user can download the software, modify it and then propose
that ether users and miners adopt the modification. When a modification is introduced and a substantial majority of users and
miners consent to the modification, the change is implemented and the Ethereum network remains uninterrupted. However, if less
than a substantial majority of users and miners consent to the proposed modification, and the modification is nonetheless implemented
by some users and miners and the modification is not compatible with the software prior to its modification, the consequence would
be what is known as a &#8220;fork&#8221; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">(<I>i.e.,
</I></FONT>a &#8220;<B>split</B>&#8221;) of the Ethereum network (and the blockchain), with one version running the pre-modified
software and the other running the modified software. The effect of such a &#8220;hard&#8221; fork would be the existence of two
(or more) versions of the Ethereum network running in parallel, but with each version's ether lacking interchangeability. Additionally,
a fork could be introduced by an unintentional, unanticipated software flaw in the multiple versions of otherwise compatible software
users run.</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">Neither the Trust
nor the Sponsor shall have any discretion to take any actions that would impact hard fork transactions or similar transactions,
and either the Trust or the Sponsor (or both) shall reject any offer to engage in a hard fork or similar transaction should the
ability to engage in such a transaction arise. However, if such a transaction does occur despite a lack of participation or outright
opposition by the Trust or the Sponsor (or both) and as a result the Trust comes into possession of the original ether and the
new alternative forked asset, the Sponsor shall promptly determine, in good faith and in its sole discretion, which digital asset
network is generally accepted as the Ethereum network and should therefore be considered the appropriate network for the Trust's
purposes. The Sponsor will base its determination on a variety of then relevant factors, including, but not limited to, the Sponsor&#8217;s
beliefs regarding expectations of the core developers of ether, users, services, businesses, miners and other constituencies,
as well as the actual continued acceptance of, mining power on, and community engagement with, the Ethereum network. The <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">outcome
of such determination shall determine which asset is </FONT>&#8220;ether&#8221; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">and
which is the &#8220;forked asset.&#8221;</FONT> The asset that is not the native currency of the network determined by the Sponsor
to be the Ethereum network shall constitute an IR Asset, which, pursuant to Section 2.10 herein, the Trust has expressly disclaimed
in favor of the Sponsor. Accordingly, the Trust shall, as soon as practicable, and, if possible, immediately, distribute such
assets to the Sponsor. Such forked assets to which the Trust comes into possession are not and shall never be considered Trust
Property.</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>Section 4.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Liability
of Sponsor and Indemnification</U></FONT></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: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor shall not be under any liability to the Trust, the Trustee or any Shareholder for any action taken or for refraining from
the taking of any action in good faith pursuant to this Trust Agreement, or for errors in judgment or for depreciation or loss
incurred by reason of the sale of any ether or other assets held in trust hereunder; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal"><I>provided,
however,</I></FONT> that this provision shall not protect the Sponsor against any liability to which it would otherwise be subject
by reason of its own gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order,
notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie
properly executed and submitted to it by the Trustee, the Trustee&#8217;s counsel or by any other Person for any matters arising
hereunder. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder
or to the Trustee other than as expressly provided for herein. The Trust shall not incur the cost of that portion of any insurance
which 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; 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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise expressly provided herein:</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 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whenever
a conflict of interest exists or arises between the Sponsor or any of its Affiliates, on the one hand, and the Trust, on the other
hand; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whenever
this Trust Agreement or any other agreement contemplated herein or therein provides that the Sponsor shall act in a manner that
is, or provides terms that are, fair and reasonable to the Trust, 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, 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: 1in">&nbsp;</P>


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<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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Sponsor and its shareholders, members, directors, officers, employees, Affiliates and subsidiaries (each a &#8220;<B>Sponsor Indemnified
Party</B>&#8221;) shall be indemnified by the Trust and held harmless against any loss, liability or expense incurred hereunder
without gross negligence, bad faith, or willful misconduct on the part of such Sponsor Indemnified Party arising out of or in
connection with the performance of its obligations hereunder or any actions taken in accordance with the provisions of this Trust
Agreement. Any amounts payable to a Sponsor Indemnified Party under this Section 4.06 may be payable in advance or shall be secured
by a lien on the Trust. The Sponsor shall 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; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal"><I>provided,
however,</I></FONT> that the Sponsor may, in its discretion, undertake any action that it may deem necessary or desirable in respect
of this 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 shall be expenses and costs of the Trust and the Sponsor shall be entitled to
be reimbursed therefor by the Trust. The obligations of the Trust to indemnify the Sponsor Indemnified Parties as provided herein
shall survive the termination of this Trust Agreement.</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: center"><B>ARTICLE V.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BOOKS OF ACCOUNT AND CERTIFICATE OF TRUST</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: justify; text-indent: 0.5in"><B>Section 5.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Books
of Account</U></FONT></B>. 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&#8217;s business as are required by the Securities Act of 1933, as amended, and all other
applicable rules and regulations, and as are usually entered into books of account kept by Persons engaged in a business of like
character. The books of account shall be kept at the principal office of the Trust, the Administrator or any other service provider
engaged by the Sponsor to perform such service.</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>Section 5.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Certificate
of Trust</U></FONT></B>. Except as otherwise provided in the Delaware Act or this Trust Agreement, the Sponsor shall not be required
to mail a copy of any Certificate of Trust filed with the Secretary of State of the State of Delaware to each Shareholder; however,
such certificates shall be maintained at the principal office of the Trust and shall be available for inspection and copying by
the Shareholders in accordance with this Trust Agreement.</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: center"><B>ARTICLE VI.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT OF TRUST AGREEMENT</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: justify; text-indent: 0.5in">Except as specifically
provided herein, the Sponsor, in its sole discretion and without Shareholder consent, may amend or otherwise supplement this Trust
Agreement, other than Section 1.4 hereof, by making an amendment, a Trust Agreement supplemental hereto, or an amended and restated
declaration of trust and trust agreement. Any such restatement, amendment and/or supplement hereto shall be effective on such date
as designated by the Sponsor in its sole discretion. Any amendment to the Trust Agreement that affects the duties, liabilities,
rights or protections of the Trustee shall require the Trustee&#8217;s prior written consent, which it may grant or withhold in
its sole discretion.</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: center"><B>ARTICLE VII.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TERM</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: justify; text-indent: 0.5in">The term for which
the Trust shall exist shall be perpetual, unless terminated pursuant to the provisions of Article VIII hereof or as otherwise provided
by law.</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: center"><B>ARTICLE VIII.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TERMINATION/RE ORGANIZATION</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: justify; text-indent: 0.5in"><B>Section 8.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Termination
of the Trust</U></FONT></B>. Subject to the notice requirements in this Section 8.01, 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: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;may
be dissolved at any time and for any reason by the Sponsor in its sole discretion;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shall
be dissolved at any time upon the occurrence of the following events:</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 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
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 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180
days have elapsed since the Trustee notified the Sponsor of the Trustee&#8217;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 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
SEC determines that the Trust is an investment company under the Investment Company Act of 1940, as amended, 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 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Commodity Futures Trading Commission determines that the Trust is a commodity pool under the Commodity Exchange Act of 1936, 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 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trust is determined to be a &#8220;money services business&#8217; 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 &#8220;money
transmitter&#8221; (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 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
ongoing event exists that either prevents the Trust from making or makes impractical the Trust&#8217;s reasonable efforts to make
a fair determination of the price of ether for purposes of determining the net asset value of the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trust fails to qualify for treatment, or ceases to be treated, as a &#8220;grantor trust&#8221; 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 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trustee, solely 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 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Sponsor elects to terminate the Trust after the Trustee, Administrator, Ether Custodian, or the Cash 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: 1in">&nbsp;</P>


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<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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written
notice of termination with respect to the Trust, specifying the anticipated date of termination and the anticipated period during
which the assets of the Trust will be liquidated, generally shall be given by the Sponsor to Shareholders of the Trust at least
thirty (30) days prior to termination of the Trust. Upon the <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">dissolution
of the Trust, the Sponsor (or in the event there is no Sponsor, such person (the &#8220;Liquidating Trustee&#8221;) as </FONT>the
majority of the Shareholders may propose and approve and who agrees to serve hereunder) shall take full charge of the Trust Property.
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 Act, the affairs of the Trust shall be wound up by the Sponsor or the Liquidating Trustee, and all ether owned
by the Trust shall be liquidated as promptly as is consistent with obtaining the fair value thereof and in such a manner so as
to effectuate orderly sales and a minimal market impact. The Liquidating Trustee may thereafter hold the net proceeds of any such
sale, together with any other cash then held by it under this Trust Agreement, uninvested and without liability for interest, for
the pro rata benefit of Shareholders that had not theretofore been redeemed. The Liquidating Trustee shall not be liable for or
responsible in any way for depreciation or loss incurred by reason of any sale or sales made in accordance with the provisions
of this Section 8.01. The Liquidating Trustee may suspend its sales of ether upon the occurrence of unusual or unforeseen circumstances,
including, but not limited to, a suspension in trading of ether or similar market event. Upon receipt of proceeds from the sale
of the last ether held hereunder, all proceeds shall be applied and distributed in the following order of priority:</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 0pt 0.5in; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pay
to Sponsor from the Trust an amount equal to the sum of (1) any compensation due it for extraordinary or other services, (2) any
advances made but not yet repaid and (3) reimbursement of any other disbursements as provided herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;deduct
from the Trust any amounts that the Liquidating Trustee, in its sole discretion, shall deem necessary or appropriate to pay on
behalf of the Trust any applicable taxes or other governmental charges that may be payable by the Trust and any other contingent
or future liabilities of the Trust; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;distribute
each Shareholder&#8217;s interest in the remaining assets of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 in writing to execute and cause such certificate of
cancellation of the Certificate of Trust to be filed in accordance with the Delaware Act 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; 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: 0.5in"><B>Section 8.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Merger
and Consolidation</U></FONT></B>. The Sponsor may cause (a) 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; (b) the Shares of the Trust to be converted into beneficial
interests in another statutory trust (or series thereof); or (c) the Shares of the Trust to be issued or exchanged for shares or
assets in another trust or company under or pursuant to any state or federal statute to the extent permitted by law.</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">For the avoidance of
doubt, the Sponsor, with written notice to the Shareholders, may approve and effect any of the transactions contemplated under
(a) &#8212; (c) above without any vote or other action 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>Section 8.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Dissolution
of Sponsor Not to Terminate Trust</U></FONT></B>. The dissolution of the Sponsor, or its ceasing to exist as a legal entity from,
or for, any cause, shall not operate to terminate this Trust Agreement insofar as the duties and obligations of the Trustee are
concerned.</P>

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<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>ARTICLE IX.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHAREHOLDERS' VOTING POWERS AND MEETINGS</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: justify; text-indent: 0.5in"><B>Section
9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Voting
Powers</U></FONT></B>. Except as required under applicable Federal law or under the rules or regulations of an Exchange,
Shareholders shall have no voting rights hereunder (including with respect to mergers, consolidations or conversions of the
Trust or transfers to or domestication in any jurisdiction by the Trust or any other matters that under the Delaware Act
default voting rights are provided to holders of beneficial interests). The Shareholders shall have the right to vote on
other matters only as the Sponsor may consider desirable and so authorize in its sole discretion. To the extent that federal
or Delaware law is amended, modified or interpreted by rule, regulation, order, or no-action letter to (on a mandatory basis)
expand, eliminate or limit Shareholders&#8217; right to vote on any specific matter, the Shareholders&#8217; right to vote
shall be deemed to be amended, modified or interpreted in accordance therewith without further approval by the Sponsor or the
Shareholders. Nothing set forth in this Trust Agreement shall be construed so as to constitute the Shareholders from time to
time as partners or members of an association; nor shall any Shareholder ever be liable to any third person by reason of any
action taken by the parties to this Trust Agreement, or for any other cause whatsoever. Each whole Share shall be entitled to
one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate
fractional vote. Shares may be voted in person or by proxy or in any manner determined by the Sponsor.</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>Section 9.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Voting
Power and Meetings</U></FONT></B>. Meetings of the Shareholders may be called by the Sponsor for such purposes as may be prescribed
by law or by this Trust Agreement.</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>Section 9.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Place
of Meetings</U></FONT></B>. A meeting of Shareholders shall be held at any place designated by the Sponsor or an officer of 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"><B>Section 9.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Notice
of Shareholders&#8217; Meeting</U></FONT></B>. All notices of meetings of Shareholders shall be sent or otherwise given to each
Shareholder of record not less than seven nor more than one hundred and twenty days before the date of the meeting in the manner
determined by the Sponsor. The notice shall specify: (a) the place, date and hour of the meeting; and (b) the general nature of
the business to be transacted.</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>Section 9.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Adjourned
Meeting; Notice</U></FONT></B>. Any Shareholders&#8217; meeting, whether or not a quorum is present, may be adjourned from time
to time by the Sponsor or by the vote of a majority of the Shares of the Trust, as the case may be, represented at that meeting,
either in person or by proxy. When any meeting of Shareholders is adjourned to another time or place, notice need not be given
of the adjourned meeting at which the adjournment is taken, unless a new record date of the adjourned meeting is fixed or unless
the adjournment is for more than sixty days from the date set for the original meeting, in which case the Sponsor shall set a new
record date. Notice of any such adjourned meeting shall be given to each Shareholder of record entitled to vote at the adjourned
meeting. At any adjourned meeting, the Trust may transact any business which might have been transacted at the original meeting.</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>Section 9.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Voting
Procedure</U></FONT></B>. The Trust shall be authorized to solicit, and a Shareholder shall be entitled to submit a proxy ballot
containing the voting instructions of such Shareholder, in person, or by U.S. mail, overnight mail, express mail, telephone, electronic
mail, telefacsimile, telegraph, internet or other electronic media, <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal"><I>provided,
however,</I></FONT> that the Sponsor or an officer of the Trust may limit or delineate the types of media and methods by which
a Shareholder may submit voting instructions. On any matter any Shareholder may vote part of the Shares in favor of the proposal
and refrain from voting the remaining Shares or vote them against the proposal, but if the Shareholder fails to specify the number
of Shares which the Shareholder is voting affirmatively, it will be conclusively presumed that the Shareholder&#8217;s approving
vote is with respect to the total Shares that the Shareholder is entitled to vote on such proposal.</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>Section 9.07.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Quorum
and Required Vote</U></FONT></B>. Except when a larger quorum is required by applicable law or by this Trust Agreement, the presence
(in person or by ballot) of thirty-three and one-third percent (33 1/3%) of the Shares entitled to vote shall constitute a quorum
at a Shareholders&#8217; meeting. Any meeting of Shareholders may be adjourned consistent with the provisions of Section 9.05 above,
whether or not a quorum is present. When a quorum is present at any meeting, a majority of the Shares represented at the meeting
shall decide any questions except when a different vote is required by any provision of this Trust Agreement or by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<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>Section 9.08.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Action
by Written Consent</U></FONT></B>. Any action taken by Shareholders may be taken without a meeting so long as Shareholders holding
a majority of the Shares entitled to vote on the matter (or such larger proportion thereof as shall be required by any express
provision of this Trust Agreement or federal law) or holding a majority (or such larger proportion as aforesaid) of the Shares
entitled to vote separately on the matter consent to the action in writing or by other electronic means (such as via telephone
or the internet) and such written consent or a record of such electronic consent is filed with the records of the meetings of Shareholders.
Such consent shall be treated for all purposes as a vote taken at a meeting of 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>Section 9.09.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Record
Dates</U></FONT></B>. For the purpose of determining the Shareholders who are entitled to vote or act at any meeting or any adjournment
thereof, the Sponsor may from time to time fix a date, which shall be not more than one-hundred and twenty days before the date
of any meeting of Shareholders, as the record date for determining the Shareholders having the right to notice of and to vote at
such meeting and any adjournment thereof, and in such case only Shareholders of record on such record date shall have such right,
notwithstanding any transfer of shares on the books of the Trust after the record date. For the purpose of determining the Shareholders
who are entitled to receive payment of any dividend or of any other distribution, or whenever for any reason there is a split,
reverse split or other change in the outstanding Shares, or whenever the Sponsor shall find it necessary or convenient in respect
of any matter, the Sponsor may from time to time fix a date, which shall be before the date for the payment of such dividend or
such other payment, as the record date for determining the Shareholders having the right to receive such dividend or distribution.
Without fixing a record date the Sponsor may for voting and/or distribution purposes close the register or transfer books for all
or any part of the period between a record date and a meeting of Shareholders or the payment of a distribution.</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>Section 9.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Waiver
of Notice by Consent of Absent Shareholders</U></FONT></B>. Any Shareholder may waive notice, which waiver may be submitted by
U.S. mail, overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph, internet or other electronic media.
The waiver of notice need not specify either the business to be transacted or the purpose of any meeting of Shareholders. Attendance
by a person at a meeting shall also constitute a waiver of notice of that meeting, except when the person objects at the beginning
of the meeting to the transaction of any business because the meeting is not lawfully called or convened and except that attendance
at a meeting is not a waiver of any right to object to the consideration of matters not included in the notice of the meeting if
that objection is expressly made at the beginning of the meeting.</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>Section 9.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Proxies</U></FONT></B>.
Every person entitled to vote on any matter shall have the right to do so either in person or by one or more agents authorized
by a written or electronic proxy authorized by the person and filed with the Sponsor. A proxy shall be deemed authorized if the
Shareholder&#8217;s name is placed on the proxy (whether by manual signature, typewriting, telephonic or internet transmission
or otherwise) by the Shareholder or the Shareholder&#8217;s attorney-in-fact. A validly authorized proxy that does not state that
it is irrevocable shall continue in full force and effect unless (a) revoked by the person executing it before the vote pursuant
to that proxy by a writing delivered to the Trust stating that the proxy is revoked or by a subsequent proxy executed by, or attendance
at the meeting and voting in person by, the person executing that proxy; or (b) written notice of the death or incapacity of the
maker of that proxy is received by the Trust before the vote pursuant to that proxy is counted; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal"><I>provided
however,</I></FONT> that no proxy shall be valid after the expiration of eleven months from the date of the proxy unless otherwise
provided in the proxy.</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: center"><B>ARTICLE X. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MISCELLANEOUS PROVISIONS </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-indent: 0.5in"><B>Section 10.01.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Certain
Matters Relating to Shareholders</U></FONT>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
the purchase and acceptance or other lawful delivery and acceptance of Shares, each Shareholder shall be deemed to be a beneficiary
of the Trust created by this Trust Agreement 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. Upon issuance as provided
herein, Shares shall be fully paid and non- assessable.</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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
death or incapacity of any Shareholder shall not operate to terminate this Trust Agreement or the Trust, nor entitle such Shareholder&#8217;s
legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding
up of the Trust, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. Each Shareholder
expressly waives any right such Shareholder might have under any rule of law, or the provisions of any statute, or otherwise, to
require the Trust, Sponsor or the Trustee at any time to account, in any manner other than as expressly provided in this Trust
Agreement, in respect of the ether or moneys from time to time received, held and applied by the Sponsor hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided under Delaware law, the 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 his capital contribution and his share of the Trust property and
undistributed profits, except in the event that the liability is founded upon misstatements or omissions contained in such Shareholder&#8217;s
Authorized Participant Agreement delivered in connection with his purchase of Shares. 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 unless, under Delaware law, such Shareholder
is liable to repay such amount.</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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
written note, bond, contract, instrument, certificate or undertaking made or issued by the Sponsor shall give notice to the effect
that the same was executed or made by or on behalf of the Trust and that the obligations of such instrument are not binding upon
any Shareholder individually but are binding only upon the assets and property of the Trust, and no resort shall be had to the
Shareholders&#8217; personal property for satisfaction of any obligation or claim thereunder, and appropriate references may be
made to this Trust Agreement and may contain any further recital which the Sponsor deems appropriate, but the omission thereof
shall not operate to bind any Shareholder individually or otherwise invalidate any such note, bond, contract, instrument, certificate
or undertaking.</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">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is the intent of the parties that the execution, delivery and performance of the transactions contemplated by this Trust Agreement
shall not result in the Trustee's being required to obtain a license or make a registration under any federal or state law including
rules pertaining to virtual currencies under Title 23, Part 200 of New York Codes, Rules and Regulations, the U.S. Commodity Exchange
Act or any federal or state law regulating, money transmitters, money services business, providers of prepaid or stored value or
similar entities, or virtual currency business.</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: 0.5in"><B>Section 10.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Delaware
Law to Govern</U></FONT></B>. 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; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal"><I>provided,
however,</I></FONT> that causes of action for violations of U.S. federal or state securities laws shall not be governed by this
Section 10.02, and <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal"><I>provided
further,</I></FONT> 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 Act) 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 Act) pertaining to trusts which 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 Act shall not apply to the Trust. The Trust shall be of the type commonly called
a &#8220;statutory trust,&#8221; and without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily
exercised by such a statutory trust under Delaware law. 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 10.03.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Provisions
in Conflict with Law or Regulations</U></FONT></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: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of this Trust Agreement are severable, and if the Sponsor shall determine, with the advice of counsel, that any of such
provisions is in conflict with the Code, the Delaware Act or with other applicable laws and regulations, the conflicting provision
shall be deemed never to have constituted a part of this Trust Agreement; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal"><I>provided,
however,</I></FONT> that such determination shall not affect any of the remaining provisions of this Trust Agreement or render
invalid or improper any action taken or omitted prior to such determination.</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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any provision of this Trust Agreement shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall attach only to such provision in such jurisdiction and shall not in any manner affect 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; 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: 0.5in"><B>Section 10.04.&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Interpretation</U></FONT></B>.
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-variant: normal">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
&#8220;sole discretion&#8221; or &#8220;discretion&#8221; 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
&#8220;good faith&#8221; 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 &#8220;good faith&#8221; as used in this Trust Agreement shall mean subjective good
faith as such term is understood and interpreted under Delaware law.</FONT></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>Section 10.05.&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Notices</U></FONT></B>.
All notices and other communications under this Trust Agreement shall be in writing in English, signed by the party giving it,
and shall be deemed given, if to the Trustee or the Sponsor, when delivered personally, on the next Business Day after delivery
to a recognized overnight courier or mailed first class (postage prepaid) or when sent by facsimile to the parties (which facsimile
copy shall be followed, in the case of notices or other communications sent to the Trustee or the Sponsor, by delivery of the original)
at the following addresses (or to such other address as a party may have specified by notice given to the other parties pursuant
to this provision):</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; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-left: 1in">If to the Sponsor, to:</TD>
    <TD STYLE="width: 75%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Bitwise Investment Advisers, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Attn: Paul (&#8220;Teddy&#8221;) Fusaro and Katherine Dowling</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>250 Montgomery Street. Suite 200 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>San Francisco, California 94104</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in">If to the Trustee, to:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>CSC Delaware Trust Company </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Attn: Corporate Trust Administration</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>251 Little Falls Drive </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Wilmington, DE 19808</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">Any notice to be given
to a Shareholder shall be duly given if mailed or delivered to DTC Participants designated by DTC for delivery to 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>Section 10.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Headings</U></FONT></B>.
The headings used in this Trust Agreement have been inserted for convenience and shall not modify, define, limit or expand the
express provisions of this Trust Agreement.</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>Section 10.07.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Counterparts</U></FONT></B>.
This Trust Agreement may be simultaneously executed in several counterparts, each of which shall be an original and all of which
shall constitute but one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><B>Section
10.08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: normal"><U>Corporate Transparency Act</U></FONT></B><FONT STYLE="font-family: Times New Roman, Times, Serif">
<FONT STYLE="font-weight: normal">The Corporate Transparency Act (31 U.S.C. &sect; 5336) and its implementing regulations (collectively,
the &#8220;CTA&#8221;), may require the Trust to file reports with Financial Crimes Enforcement Network. It shall be Sponsor&#8217;s
duty and not the Trustee&#8217;s duty to prepare such filings, cause the Trust to </FONT></FONT>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; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[SIGNATURE PAGE FOLLOWS]</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; 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"><FONT STYLE="font-style: normal; font-variant: normal"><B>IN
WITNESS WHEREOF</B><FONT STYLE="font-weight: normal">, the parties hereto have caused this First Amended and Restated Declaration
of Trust and Trust Agreement to be duly executed and delivered as of May 28, 2024.</FONT></FONT></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; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-variant: normal"><B>BITWISE INVESTMENT ADVISERS, LLC,</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">as Sponsor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><IMG SRC="ex32001.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Title: &nbsp;&nbsp;Chief Operating Officer and Secretary </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Name: Paul (&#8220;Teddy&#8221;) Fusaro</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-variant: normal"><B>CSC DELAWARE TRUST COMPANY,</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">as Trustee</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 STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><IMG SRC="ex32002.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Title: &nbsp;&nbsp;Vice President </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; font-style: normal; font-variant: normal">Name: Greg Daniels</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>ex5-1.htm
<DESCRIPTION>FORM OF OPINION OF CHAPMAN AND CUTLER LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="bitwise-s1a_053124.htm">Bitwise Ethereum ETF S-1/A</A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
5.1</B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<IMG SRC="ex51001.jpg" ALT="" STYLE="height: 42px; width: 170px"></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Richard
    Coyle</B><BR>
    <FONT STYLE="color: Black">Partner</FONT></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chapman
                                         and Cutler LLP</B><BR>
                                         320 South Canal Street, 27th Floor <BR>
                                         Chicago, Illinois 60606</FONT></P>
                                                                     <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">T
    312.845.3784<BR>
    rcoyle@chapman.com</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">______________,
2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitwise
Ethereum ETF</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">250
Montgomery Street, Suite 200&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San
Francisco, California 94104</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="text-align: left; width: 34%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD><TD STYLE="text-align: center; width: 25%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitwise
                                         Ethereum ETF</FONT></TD>
    <TD STYLE="width: 37%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
</TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as counsel to the Bitwise Ethereum ETF, a Delaware statutory trust (the <I>&ldquo;Trust&rdquo;</I>), with respect to
the filing with the U.S. Securities and Exchange Commission of Amendment No. __ (the <I>&ldquo;Amendment&rdquo;</I>) to the Trust&rsquo;s
Registration Statement on Form S-1 under the Securities Act of 1933, as amended. The Trust filed the Amendment on or about ___________&nbsp;__,&nbsp;2024,
in order to register shares (the <I>&ldquo;Shares&rdquo;</I>) of beneficial interest of the Trust. The Amendment seeks to register
an unlimited number of Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have examined the Trust&rsquo;s Certificate of Trust; its First Amended and Restated Trust Agreement; a form of Authorized Participant
Agreement; its Certificate of Good Standing for the Trust; and such other legal and factual matters as we have considered necessary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion is based exclusively on the Delaware Statutory Trust Act and the federal securities laws of the United States of America
governing the issuance of shares of the Trust and does not extend to the securities or &ldquo;blue sky&rdquo; laws of the State
of Delaware or other States or to other Federal securities or other laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have assumed the following for purposes of this opinion:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         legal capacity of all natural persons, the accuracy and completeness of all documents
                                         and records that we have reviewed, the genuineness of all signatures, the authenticity
                                         of the documents submitted to us as originals and the conformity to authentic original
                                         documents of all documents submitted to us as certified, conformed or reproduced copies.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Trust&rsquo;s Shares will be issued against consideration therefor as described in the
                                         Trust&rsquo;s prospectus relating thereto.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="ex51001.jpg" ALT="" STYLE="height: 42px; width: 170px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">_____________,
2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
2</FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion relates solely to the registration of Shares of the Trust and not to the registration of any other series or classes of
the Trust that have previously been registered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon the foregoing, it is our opinion that, upon the effectiveness of the Amendment, the Shares of beneficial interest of the
Trust, when issued upon the terms and for the consideration described in the Amendment, will be validly issued, fully paid and
non-assessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion is being furnished to you for submission to the Commission as an exhibit to the Registration Statement. We hereby consent
to the prospectus discussion of this opinion, the filing of this opinion as an exhibit to the Registration Statement and to the
use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose
consent is required by Section 7 of the 1933 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Respectfully submitted,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Chapman
    and Cutler llp</FONT></TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>ex8-1.htm
<DESCRIPTION>FORM OF OPINION OF CHAPMAN AND CUTLER LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="bitwise-s1a_053124.htm">Bitwise Ethereum ETF S-1/A</A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Exhibit
8.1</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;<IMG SRC="ex81001.jpg" ALT="" STYLE="height: 48px; width: 193px"></FONT></TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Paul
    D. Carman</B><BR>
    Partner</FONT></TD>
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Chapman
                                         and Cutler LLP</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">320
        South Canal Street, 27th Floor</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Chicago,
        Illinois 60606</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">T
    312.845.3443<BR>
    carman@chapman.com</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #404040"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">_____, 2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitwise
Investment Advisers, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Paul (&ldquo;Teddy&rdquo;) Fusaro and Katherine Dowling</FONT><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">250 Montgomery Street, Suite 200</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">San Francisco, California 94104</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware
Trust Company</FONT><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Attn: Corporate Trust Administration</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">251 Little Falls Drive</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Wilmington, DE 19808</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 40%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD><TD STYLE="text-align: justify; width: 56%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitwise
Ethereum ETF</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies/Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as counsel for Bitwise Investment Advisers, LLC, Sponsor of Bitwise Ethereum ETF, a Delaware statutory trust (the <I>&ldquo;Trust&rdquo;</I>),
in connection with the issuance of Shares of fractional undivided interests in the Trust (the <I>&ldquo;Shares&rdquo;</I>), under
the First Amended and Restated Declaration of Trust and Trust Agreement of Bitwise Ethereum ETF dated May 28, 2024 (the <I>&ldquo;Trust
Agreement&rdquo;</I>) among Bitwise Investment Advisers, LLC, a Delaware limited liability company, as sponsor (the <I>&ldquo;Sponsor&rdquo;</I>),
as depositor (the <I>&ldquo;Depositor&rdquo;</I>) and Delaware Trust Company, as trustee (the <I>&ldquo;Trustee&rdquo;</I>). This
opinion applies only to the Trust. Holders of beneficial interests in the Trust are referred to herein as the <I>&ldquo;Shareholders.&rdquo;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this connection, we have examined the Form S-1, registration statement and the prospectus for the Trust (the <I>&ldquo;Prospectus&rdquo;</I>),
the Trust Agreement, and such other instruments and documents, as we have deemed pertinent (the <I>&ldquo;Transaction Documents&rdquo;</I>).
For purposes of this opinion, we are assuming that the Trust will at all times be operated in accordance with the Trust Agreement
and the Prospectus and that the parties to the Trust Agreement will at all times fully comply with the terms of the Trust Agreement.
In addition, we are assuming that each of the assets deposited in the Trust that is ether or cash required to by the terms of
the Trust Agreement to be converted to ether. Failure to operate the Trust at all times in accordance with the Trust Agreement
and the Prospectus or failure to comply fully at all times with the terms of the Trust Agreement or failure of any entity that
purports to be a grantor trust, as described in the preceding sentence, to in fact be and continue to be a grantor trust for federal
income tax purposes or failure of any such entity to invest as described in the prior sentence could result in federal and state
tax treatment different from that described below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charlotte&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salt Lake City&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Francisco&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington, DC&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
have informed us, and we are assuming that the assets of the Trust will consist of ether and cash required to be converted to
ether or waiting to be distributed. All of the assets of the Trust constitute the &ldquo;Trust Assets.&rdquo; We have assumed
that the Incidental Rights and IR Assets do not become trust assets. You have not requested us to examine, and accordingly we
have not examined, any of the Trust Assets and express no opinion as to the Federal or state income tax treatment thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Transaction Documents include certain representations by the Depositor and the Trustee with respect to which we have no independent
knowledge and have done no independent investigation. Such representations include, without limitation, that :&nbsp;&nbsp;(i)&nbsp;the
Trust will acquire and hold the Trust Assets solely for the account of the Shareholders; (ii)&nbsp;the activities of the Trust
will consist of the investment of Trusts in the Trust Assets, the collection of the income and proceeds from such investments,
and the incidental replacement of Trust Assets and temporary reinvestment of proceeds under limited and specified circumstances;
and (iii)&nbsp;the Trust has not and will not (a)&nbsp;establish an office, (b)&nbsp;hire employees, or (c)&nbsp;conduct any acts
not permitted by the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon the foregoing and assuming the accuracy of the aforementioned representations and assumptions on the date hereof as well
as continuing satisfaction of such representations and assumptions, and based upon an investigation of such matters of law as
we consider to be applicable:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> (i) We
are of the opinion that, under existing United States Federal income tax law, the Trust is not an association taxable as a corporation
for Federal income tax purposes but should be classified as a grantor trust and will be governed by the provisions of subpart&nbsp;E
of Part&nbsp;I of subchapter&nbsp;J (relating to trusts) of chapter&nbsp;1, of the Internal Revenue Code of 1986 (the <I>&ldquo;Code&rdquo;</I>).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> (ii) Section&nbsp;671
of the Code provides that, where a trust grantor is treated as the owner of any portion of a trust, there shall then be included
in computing the taxable income and credits of the grantor those items of income, deductions and credits against tax of the trust
which are attributable to that portion of the trust to the extent that such items would be taken into account under the Code in
computing taxable income or credits against the tax of an individual. Each Shareholder is treated as the owner of a pro rata portion
of the Trust under Section&nbsp;676 of the Code. Therefore, a Shareholder will be considered as owning a pro rata share of each
of the Trust Assets in the proportion that the number of Shares held by him or her bears to the total number of Shares outstanding.
We are of the opinion that, under existing United States Federal income tax law, (a)&nbsp;under subpart&nbsp;E, subchapter&nbsp;J
of chapter&nbsp;1 of the Code, income of the Trust will be treated as income of each Shareholder in the proportion described above,
and an item of Trust income will have the same character in the hands of a Shareholder as it would have if the Shareholder directly
owned a pro rata portion of the Trust&rsquo;s assets and (b)&nbsp;each Shareholder will be considered to have received his or
her pro rata share of income derived from each Trust asset when such income would be considered to be received by the Shareholder
if the Shareholder directly owned a pro rata portion of the Trust&rsquo;s assets.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><IMG SRC="ex81001.jpg" ALT="" STYLE="height: 48px; width: 193px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> (iii) Although
the discussion in the Prospectus under the heading &ldquo;United States Federal Income Tax Consequences&rdquo; does not purport
to discuss all possible United States federal income tax consequences of the purchase, ownership and disposition of Shares, in
our opinion, under existing United States Federal income tax law, such discussion, taken as a whole, is an accurate summary in
all material respects, to the extent that the discussion constitutes statements of law or legal conclusions with respect to United
States federal income tax matters. In this regard, please note that (a)&nbsp;we have not examined any of the Trust Assets and
we are therefore unable to express an opinion, and we express no opinion as to the Federal income tax treatment thereof and (b)&nbsp;the
discussion under &ldquo;Taxes&rdquo; depends in part on the facts peculiar to individual Shareholders of which we have made no
investigation and have no knowledge.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
opinion is based on the Code and the regulations promulgated thereunder and other relevant authorities and law, all as in effect
on the date hereof. Consequently, future changes in such laws, the regulations promulgated thereunder and other relevant authorities
and law may cause the tax treatment of the transaction to be materially different from that described above. This opinion is given
as of the date hereof and we undertake no, and hereby disclaim any, obligation to advise you of any change in any matter set forth
herein. Our opinion represents only our legal judgment, is not a guarantee of a result and, unlike a tax ruling, is binding neither
on the Internal Revenue Service, nor a court of law, and has no official status of any kind. The Internal Revenue Service or a
court of law could disagree with the opinion expressed herein. Although we believe that, in a properly presented case, the opinion
expressed herein would be found to be correct if challenged, there can be no assurance that this will be the case. In evaluating
these tax issues, we have not taken into account the possibility that a tax return will not be audited, that an issue will not
be raised on audit, or that an issue will be resolved through settlement if raised.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion, as qualified herein, covers only the opinions expressly contained herein, and we express no opinion with respect to any
other considerations which may arise relating to the transaction, any other taxes or any other matters arising under United States
Federal, state, local or foreign law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Committee on Legal Opinions of the American Bar Association promulgated the &ldquo;Third-Party Legal Opinion Report, including
the Legal Opinion Accord,&rdquo; (the <I>&ldquo;ABA Guidelines&rdquo;</I>) in 1991. Among other things, the ABA Guidelines provide
that attorneys should not provide legal opinions as to matters of fact or financial or economic forecasts (or similar predictions).
In this regard, matters discussed expressly or implicitly within this letter which are determined to be matters of fact or financial
or economic forecasts (or similar predictions) should be interpreted to be a confirmation of our understanding and a statement
of our belief rather than a legal opinion, regardless of the language used.</FONT></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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chapman
and Cutler LLP does not and will not impose any limitation on the disclosure of tax treatment or tax structure of any transaction
relating to this matter. 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.&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Respectfully
                                         submitted,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; border-bottom: Black 1pt solid"></TD></TR>                                                                                                                                                                                                                                                                                                                                         <TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">Chapman
                                         and Cutler llp</FONT></TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>5
<FILENAME>ex10-1.htm
<DESCRIPTION>FORM OF SPONSOR AGREEMENT
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="bitwise-s1a_053124.htm">Bitwise Ethereum ETF S-1/A</A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>SPONSOR
AGREEMENT</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIS
SPONSOR AGREEMENT</B> (the &ldquo;Agreement&rdquo;), dated as of ___________, 2024, is made by and between Bitwise Investment
Advisers, LLC, a Delaware limited liability company (&ldquo;Sponsor&rdquo;), and Bitwise Ethereum ETF, a statutory trust organized
under the laws of Delaware (the &ldquo;Trust&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>1.
Status of the Trust.</U></B> The Trust is a Delaware statutory trust established under the Delaware Act by the filing of the Certificate
of Trust in the Office of the Secretary of State of the State of Delaware on February 16, 2024. The Trust is not an investment
company under the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;) and it is not required to register thereunder. The
Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, and the Sponsor is not subject to regulation
by the Commodity Futures Trading Commission as a commodity pool operator or a commodity trading advisor. The Sponsor is not registered
as an investment adviser under the Investment Advisers Act of 1940 and is not required to register thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>2.
Appointment of Sponsor.</U></B> Pursuant to the terms of the Trust&rsquo;s Amended and Restated Declaration of Trust and Trust
Agreement (the &ldquo;Trust Agreement&rdquo;), the Sponsor is appointed to serve as sponsor for the Trust, with full powers and
rights to effectuate and carry out the purposes, activities and objectives of the Trust. Sponsor has accepted such appointment
and hereby agrees to render such services on the terms and conditions set forth in this Agreement and the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>3.
Duties of Sponsor.</U></B> Sponsor will perform such duties for the Trust as set forth in Article IV of the Trust Agreement. Sponsor
will manage the Trust in accordance with Sponsor&rsquo;s best judgment and consistent with the Trust&rsquo;s investment objectives
and strategies outlined in the Trust&rsquo;s prospectus and registration statement filed with the U.S. Securities and Exchange
Commission (&ldquo;SEC&rdquo;). For the avoidance of doubt, pursuant to the terms of Article IV of the Trust Agreement, the Sponsor
is authorized to execute documents for and on behalf of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>4.
Reporting; Record Keeping.</U></B> Sponsor will be available at reasonable times to discuss the activities of the Trust with the
trustee of the Trust or its designee. Any written reports supplied by Sponsor to the Trust discussing the activities of the Trust
are intended solely for the benefit of the Trust, and the Trust agrees that it will not disseminate such reports to any other
party (other than the Trust&rsquo;s service providers) without the prior consent of Sponsor, except as may be required by applicable
law. Sponsor shall make or cause to be made, and shall maintain or cause to be maintained, all records as are required to be made
or maintained by it in its capacity as Sponsor of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>5.
Other Accounts.</U></B> The Trust understands and acknowledges that Sponsor may act as sponsor for various persons other than
the Trust. The Trust acknowledges that Sponsor may give advice and take action concerning other persons that may be the same as,
similar to or different from the advice given, or the timing and nature of action taken, concerning the Trust. The Trust also
acknowledges that Sponsor may serve as a manager to other investment funds that invest in ether or other digital assets with the
same investment objective as the Trust, and the Sponsor or its affiliates may serve as a manager to other investment funds that
invest in digital assets. Except to the extent necessary to perform Sponsor&rsquo;s obligations under this Agreement, nothing
herein shall be deemed to limit or restrict the right of Sponsor, or any affiliate of Sponsor or any employee of Sponsor to engage
in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar
or dissimilar nature, or to render services of any kind to any other corporation, firm, individual or association.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>6.
Sponsor&rsquo;s Compensation.</U></B> The Trust shall pay to Sponsor a fee 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 7 below (the
&ldquo;Sponsor Fee&rdquo;). The Sponsor Fee accrues daily at an annualized rate equal to 0.__% of the adjusted net asset value
of the Trust and is payable monthly in arrears in ether. The Sponsor may, from time to time, temporarily waive all or a portion
of the Sponsor Fee in its sole discretion. To the extent not already disclosed in the prospectus, the Sponsor may notify shareholders
of the Trust (&ldquo;Shareholders&rdquo;) of its intent to commence, or cease, waiving the Sponsor Fee on the Trust&rsquo;s website,
in a prospectus supplement, through a current report on Form 8-K and/or in the Trust&rsquo;s annual or quarterly reports.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>7.
Fees and Expenses.</U></B> The Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include
the Trustee&rsquo;s monthly fee and out-of-pocket expenses, the fees of the Trust&rsquo;s regular service providers (Cash Custodian,
Ether Custodian, Prime Execution Agent, Marketing Agent, Transfer Agent and Administrator), Exchange listing fees, tax reporting
fees, SEC registration fees, printing and mailing costs, audit fees and ordinary legal expenses. The Sponsor will also pay the
costs of the Trust&rsquo;s organization. None of the expenses to be assumed by the Sponsor are subject to a cap.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust may incur certain extraordinary, non-recurring expenses that are not assumed by the Sponsor, including but not limited to,
taxes and governmental charges, any applicable brokerage commissions, financing fees, Ethereum Network fees and similar transaction
fees, 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 Shareholders (including, for example, in connection with any fork of the Ether blockchain, any
Incidental Rights (as defined below) and any IR Asset (as defined below)), any indemnification of the Cash Custodian, Ether Custodian,
Prime Execution Agent, Transfer Agent, Administrator or other agents, service providers or counterparties of the Trust, and extraordinary
legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement
or investigation matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>8.
Purchase and Sale of Ether.</U></B> Because the Trust will conduct creations and redemptions of Shares for cash, it will be responsible
for purchasing and selling ether in connection with those creation and redemption orders. The Trust may also be required to sell
ether to pay certain extraordinary, non-recurring expenses that are not assumed by the Sponsor. Such purchase and sale transactions
may be conducted pursuant to two models: (i) the &ldquo;Trust-Directed Trade Model&rdquo;; or the (ii) &ldquo;Agent Execution
Model,&rdquo; as such terms are described and defined in the Trust&rsquo;s registration statement. The Sponsor shall utilize the
Trust-Directed Trade Model for all purchases and sales of ether and will only utilize the Agent Execution Model in the event that
no Ether Trading Counterparty is willing or able to effectuate the Trust&rsquo;s purchase or sale of ether.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>9.
Incidental Rights.</U></B> From time to time, the Trust may come into possession of rights incident to its ownership of ether,
which permit the Trust to acquire, or otherwise establish dominion and control over, other digital assets. These rights are generally
expected to be &ldquo;forked assets&rdquo; that arise in connection with hard forks in the distributed ledger that maintains the
full transaction history of the Ethereum Network, airdrops offered to holders of ether and digital assets arising from other similar
events without any action of the Trust or of the Sponsor or Trustee on behalf of the Trust. These rights are referred to as &ldquo;Incidental
Rights&rdquo; and any digital assets acquired through Incidental Rights are referred to as &ldquo;IR Assets.&rdquo; Pursuant to
Section 2.10 of the Trust Agreement, the Trust has expressly disclaimed all ownership of such Incidental Rights and IR Assets
so that such assets are not and shall never be considered the property of the Trust. Sponsor agrees that such Incidental Rights
and IR Assets into which the Trust comes into possession shall constitute the property of the Sponsor. Upon receipt of an Incidental
Right or IR Asset, the Trust will, as soon as practicable, and, if possible, immediately, distribute such assets to the Sponsor.
Once acquired, the Sponsor may take any lawful action necessary or desirable in connection with its acquisition of such assets.
The Sponsor is under no obligation to realize any economic benefit from any Incidental Right(s) and/or IR Asset(s) it receives
from the Trust. The Sponsor may instead determine, in its sole discretion, to abandon such Incidental Rights or IR Assets permanently
and irrevocably for no consideration. In the event that the Sponsor decides to sell the Incidental Right(s) and/or IR Asset(s),
it shall seek to do so for cash. This may be a sale of the Incidental Right(s) and/or IR Asset(s) directly in exchange for cash,
or in exchange for another digital asset which may subsequently be exchanged for cash. The Sponsor, may, but is not required to,
contribute such cash proceeds back to the Trust, which in turn would distribute the cash to the Depository Trust Company to be
distributed to Trust shareholders in proportion to the number of shares owned.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>10.
Liability and Indemnification.</U></B> Sponsor will not be liable for losses to the Trust, and Sponsor shall be indemnified, to
the extent provided in Section 4.06 of the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>11.
Governing Law/Disputes.</U></B> This Agreement is entered into in accordance with and shall be governed by the laws of the State
of Delaware; provided, however, that in the event that any law of the State of Delaware shall require that the laws of another
state or jurisdiction be applied in any proceeding, such Delaware law shall be superseded by this paragraph, and the remaining
laws of the State of Delaware shall nonetheless be applied in such proceeding. Each party agrees that in the event that any dispute
arising from or relating to this Agreement becomes subject to any judicial proceeding, such party waives any right it may otherwise
have to (a) seek punitive damages, or (b) request a jury trial.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>12.
Termination.</U></B> This Agreement may be terminated (i) by Sponsor at any time upon 30 days&rsquo; prior written notice; or
(ii) by either party upon discovery of acts of fraud or willful malfeasance of the other party in performing its duties hereunder.
Any obligation or liability of either party resulting from actions or inactions occurring prior to termination shall not be affected
by termination of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>13.
Assignment.</U></B> This Agreement may be assigned by either party upon prior notice to the other party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>14.
Notices.</U></B> All notices and other communications under this Agreement shall be in writing and shall be addressed to the parties
at their respective addresses. Sponsor shall comply with, and be entitled to act on, any instructions reasonably believed to be
from an authorized representative of the Trust. Sponsor and its employees and agents shall be fully protected from all liability
in acting upon such instructions, without being required to determine the authenticity of the authorization or authority of the
persons providing such instructions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>15.
Severability.</U></B> In the event any provision of this Agreement is adjudicated to be void, illegal, invalid or unenforceable,
the remaining terms and provisions of this Agreement shall not be affected thereby, and each of such remaining terms and provisions
shall be valid and enforceable to the fullest extent permitted by law, unless a party demonstrates by a preponderance of the evidence
that the invalidated provision was an essential economic term of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>16.
Integration; Amendment.</U></B> This Agreement together with any other written agreements between the parties entered into concurrently
with this Agreement contain the entire agreement between the parties with respect to the transactions contemplated hereby and
supersede all previous oral or written negotiations, commitments and understandings related thereto. This Agreement may not be
amended or modified in any respect, nor may any provision be waived, without the written agreement of both parties. Pursuant to
the authority granted to the Sponsor under Article IV of the Trust Agreement, the Sponsor is authorized to execute such written
agreement on behalf of the Trust. No waiver by one party of any obligation of the other hereunder shall be considered a waiver
of any other obligation of such party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>17.
Further Assurances.</U></B> Each party hereto shall execute and deliver such other documents or agreements as may be necessary
or desirable for the implementation of this Agreement and the consummation of the transactions contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>18.
Headings.</U></B> The headings of paragraphs herein are included solely for convenience and shall have no effect on the meaning
of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>19.
Counterparts.</U></B> This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original
and all of which taken together shall be deemed to be one and the same instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Bitwise
Ethereum ETF </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitwise
Investment Advisers, LLC, its Sponsor</FONT></P>

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    <TD STYLE="width: 83%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">By:</TD>
    <TD STYLE="text-align: justify; width: 16%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 1in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
Paul (Teddy) Fusaro</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
Chief Operating Officer and Secretary</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps"><B>Bitwise
Investment Advisers, LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 83%"></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD><TD STYLE="text-align: justify; width: 16%; border-bottom: Black 1pt solid"></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
Paul (Teddy) Fusaro</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
Chief Operating Officer and Secretary</FONT></P>

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<BR></FONT></P>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>6
<FILENAME>ex10-2.htm
<DESCRIPTION>FORM OF AUTHORIZED PARTICIPANT AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="bitwise-s1a_053124.htm">Bitwise Ethereum ETF S-1/A</A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><B>Exhibit
10.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AUTHORIZED
PARTICIPANT AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUTHORIZED
PARTICIPANT AGREEMENT (this &ldquo;<B>Agreement</B>&rdquo;) dated as of [<FONT STYLE="background-color: lightgrey"><I>Date</I></FONT>]
among (i) [<FONT STYLE="background-color: lightgrey"><I>Authorized Participant</I></FONT>], a [<FONT STYLE="background-color: lightgrey"><I>company</I></FONT>]
organized under the laws of [<FONT STYLE="background-color: lightgrey"><I>Jurisdiction Of AP</I></FONT>] (the &ldquo;<B>Authorized
Participant</B>&rdquo;), (ii) the Bitwise Ethereum ETF, a Delaware statutory trust (the &ldquo;<B>Trust</B>&rdquo;) created pursuant
to the First Amended and Restated Declaration of Trust (the &ldquo;<B>Trust Agreement</B>&rdquo;), and (iii) Bitwise Investment
Advisers, LLC, a Delaware limited liability company in its capacity as sponsor of the Trust (in such capacity, the &ldquo;<B>Sponsor</B>&rdquo;).
This Agreement is further acknowledged by Bank of New York Mellon, a New York banking corporation in its capacity as transfer
agent to the Trust (&ldquo;<B>Transfer Agent</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>R
E C I T A L S</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the provisions of the Trust Agreement, the Trust may from time to time issue
or redeem equity securities representing an interest in the assets of the Trust (&ldquo;<B>Shares</B>&rdquo;), in each case only
in aggregate amounts of 10,000 Shares (such aggregate amount, a &ldquo;<B>Basket</B>&rdquo;, which amount may be modified in the
future), and integral multiples thereof, and only in transactions with a party who, at the time of the transaction, shall have
signed and in effect an Authorized Participant Agreement with such Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<FONT STYLE="background-color: lightgrey"><I>Authorized Participant</I></FONT>] has
requested to become an &ldquo;<B>Authorized Participant</B>&rdquo; with respect to the Trust (as such term is defined in the Trust
Agreement), and the Sponsor and the Trust have agreed to such request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE</B>, in consideration of the foregoing premises, and for other good and valuable consideration, the receipt of which
is hereby acknowledged, the parties, hereto, intending to be legally bound, agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1. <U>Procedures</U>. The Authorized Participant will purchase or redeem Baskets of Shares of the Trust in compliance with the
Trust Agreement as supplemented by the Creation and Redemption Procedures attached to this Agreement as Schedule 1 (such procedures,
as the same may be amended or modified from time to time in compliance with the provisions hereof and thereof, the &ldquo;<B>Procedures</B>&rdquo;),
using either (i) the form attached thereto as Annex I (a &ldquo;<B>Purchase Order</B>&rdquo;, in the case of an order to purchase
one or more Baskets of Shares issued by a specified Trust and a &ldquo;<B>Redemption Order</B>&rdquo;, in case of an order to
redeem one or more Baskets of Shares issued by a specified Trust) or (ii) through the Trust&rsquo;s electronic order entry system,
as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions
attached thereto as Annex II. All Purchase Orders and Redemption Orders (collectively, &ldquo;<B>Orders</B>&rdquo;) shall be placed
and executed in accordance with the Trust Agreement as supplemented by the Procedures. Capitalized terms used in this Agreement
and not otherwise defined herein have the meaning ascribed to them in the Procedures. The Trust is not registered as an investment
company under the Investment Company Act of 1940, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2. <U>Incorporation of Standard Terms</U>. The Standard Terms attached hereto as Schedule 2 are hereby incorporated by reference
into, and made a part of, this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.&nbsp;<U>Conflicts Rules</U>. In case of any inconsistency between the provisions of this Agreement and the Trust Agreement,
the provisions of such Trust Agreement shall control. In case of inconsistency between the provisions incorporated by reference
into this Agreement pursuant to Section 2 above and any other provision of this Agreement, the latter will control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.&nbsp;<U>Authorized Representatives</U>. Pursuant to Section 2.01 of the Standard Terms, attached hereto as Schedule 3 is a
certificate listing the Authorized Representatives of the Authorized Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.&nbsp;<U>Additional Covenants</U>. The Authorized Participant covenants and agrees:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
ensure that any Delivery of applicable Ethereum to the Custodian, or any withdrawal of applicable Ethereum from the Trust, in
connection with an In-Kind Purchase Order or In-Kind Redemption Order placed by the Authorized Participant will take place only
through the Custodian and that any Delivery of cash to the Transfer Agent or withdrawal of cash in connection with a Cash Purchase
Order or Cash Redemption Order placed by the Authorized Participant will take place only through the Transfer Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
upon written demand therefore (accompanied by such reasonable evidence as the Authorized Participant may request), to reimburse
the Trust or the Custodian the amount of any taxes (including value added taxes) that may be imposed on the Trust or the Custodian
in connection with any Delivery of Ethereum by or on behalf of the Authorized Participant to the Custodian (in the case of a Purchase
Order placed by the Authorized Participant), or any Delivery of Ethereum to or for the account of the Authorized Participant (in
the case of a Redemption Order placed by the Authorized Participant).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the Authorized Participant uses an intermediary to facilitate Delivery of Ethereum to the Custodian (in the case
of a Purchase Order placed by the Authorized Participant), or any Delivery of Ethereum to or for the account of the Authorized
Participant (in the case of a Redemption Order placed by the Authorized Participant), that (i) such intermediary shall be identified
to the Trust and the Sponsor and (ii) that such intermediary shall take commercially reasonable steps to ensure that the actions
of such intermediary comply with the terms of this Agreement and the Procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.&nbsp;<U>Notices</U>. Except as otherwise specifically provided in the Procedures, all notices required or permitted to
be given pursuant hereto shall be given in writing and delivered by personal delivery or by postage prepaid registered or certified
United States first class mail, return receipt requested, or by telex or facsimile (with a confirming copy by mail) addressed
as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
If to the Trust:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
Paul Fusaro</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">250
Montgomery Street, Suite 200</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:
(203) 539-9393</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
teddy@bitwiseinvestments.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
If to the Sponsor: same as above</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
If to the Authorized Participant:&nbsp;<BR>
<BR>
[<FONT STYLE="background-color: lightgrey"><I>Authorized Participant</I></FONT>]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>AP&rsquo;s
Address</I>]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
If to the Transfer Agent:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank
of New York Mellon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
ETF Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">240
Greenwich Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, NY 10286</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:
(844) 545-1258</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
bnymetforderdesk@bnymellon.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">or
such other address as any of the parties hereto shall have communicated in writing to the remaining parties in compliance with
the provisions hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.&nbsp;<U>Effectiveness, Termination and Amendment</U>. This Agreement shall become effective upon execution and delivery by
each of the parties hereto. This Agreement may be terminated at any time by any party upon sixty days prior written notice to
the other parties and may be terminated earlier by the Trust or the Sponsor at any time on the event of a breach by the Authorized
Participant of any provision of this Agreement (including the Standard Terms incorporated by Section 2 hereof) or the Procedures.
This Agreement, along with any other agreement or instrument delivered pursuant to this Agreement, supersedes any prior agreement
between or among the parties concerning the matters governed hereby. This Agreement may be amended by the Sponsor from time to
time without the consent of the Authorized Participant or any Beneficial Owner by the following procedure: the Sponsor will email
and mail a copy of the amendment to the Authorized Participant in compliance with the notice provisions of this Agreement; if
the Authorized Participant does not object in writing to the amendment within fifteen (15) Business Days after receipt of the
proposed amendment, the amendment will become part of this Agreement in accordance with its terms. Titles and section headings
in this Agreement (and in the Standard Terms incorporated by Section 2 hereof and the Procedures) are included solely for convenient
reference and are not a part of this Agreement.&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8.&nbsp;<U>Governing Law</U>. This Agreement and all the transactions hereunder shall be governed by and interpreted in accordance
with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict
law principles) as to all matters including matters of validity, construction, effect, performance and remedies. The parties irrevocably
submit to the non-exclusive jurisdiction of any New York State or United States Federal court sitting in New York City, Borough
of Manhattan over any suit, action or proceeding arising out of, or relating to, this Agreement, or any action taken or omitted
hereunder, and waives any claim of forum non conveniens and any objections to the laying of venue. EACH PARTY HERETO IRREVOCABLY
WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.&nbsp;<U>Assignment</U>. No party to this Agreement shall assign any rights, or delegate the performance of any obligations,
arising hereunder without the prior written consent of the other parties hereto, which shall not be unreasonably withheld; provided,
that any entity into which a party hereto may be merged or converted, or with which it may be consolidated, or any entity resulting
from any merger, consolidation or conversion to which a party hereunder shall be a party, shall be the successor of such party
hereto. The party resulting from any such merger, conversion, consolidation or succession shall promptly notify the other parties
hereto of the change. Any purported assignment or delegation in violation of these provisions shall be null and void.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.&nbsp;<U>No Strict Construction</U>.&nbsp;&nbsp;The language used in this Agreement will be deemed to be the language chosen
by the parties to express their mutual intent, and no rule of strict construction will be applied against any party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.&nbsp;<U>Counterparts</U>. This Agreement may be executed in several counterparts, each of which shall be an original and all
of which shall constitute but one and the same instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>Signatures
Follow on Next Page</I>]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B>, the parties hereto have executed this Authorized Participant Agreement as of the date set forth above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BITWISE
ETHEREUM ETF</B>,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the Bitwise Ethereum ETF<BR>
<BR>
By:<BR>
<BR>
Name:<BR>
Title:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BITWISE
INVESTMENT ADVISERS, LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:<BR>
Title:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[<FONT STYLE="background-color: lightgrey"><I>AUTHORIZED PARTICIPANT</I></FONT>]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
By:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acknowledged
by:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BANK
OF NEW YORK MELLON</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
By:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:<BR>
Title:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Signature
page to Authorized Participant Agreement</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
1- CREATION AND REDEMPTION PROCEDURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TABLE
OF CONTENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    I&nbsp;&nbsp;DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.01.&nbsp;&nbsp;Definitions</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.02.&nbsp;&nbsp;Interpretation</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    II&nbsp;&nbsp;CREATION PROCEDURES</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    2.01.&nbsp;&nbsp;Initial Creation of Shares</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    2.02.&nbsp;&nbsp;Subsequent Creation of Shares</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    2.03.&nbsp;&nbsp;Provenance of Ethereum Deposits</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    III&nbsp;&nbsp;REDEMPTION PROCEDURES</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.01.&nbsp;&nbsp;Redemption of Shares</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANNEX
    I TO CREATION AND REDEMPTION PROCEDURES</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Creation/Redemption
    Order Form</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-1
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANNEX
    II TO CREATION AND REDEMPTION PROCEDURES</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Order
    Entry System Terms and Conditions</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-3</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CREATION
AND REDEMPTION PROCEDURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adopted
by the Sponsor and Trust (each as defined below) as of [<FONT STYLE="background-color: lightgrey"><I>Date</I></FONT>], 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
I<BR>
<BR>
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.01.&nbsp;&nbsp;<U>Definitions</U>.&nbsp;&nbsp;For purposes of these Procedures, and the Standard Terms incorporated by reference
into the Authorized Participant Agreement to which these Procedures are attached, unless the context otherwise requires, the following
terms will have the following meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>1933
Act</B>&rdquo; means the U.S. Securities Act of 1933, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Affiliate</B>&rdquo;
shall have the meaning given to it by Rule 501(b) under the 1933 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>AP
Indemnified Party</B>&rdquo; shall have the meaning ascribed to such term in Section 6.01.a of the Standard Terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Authorized
Participant</B>&rdquo; shall have the meaning ascribed to the term in the introductory paragraph of the Authorized Participant
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Authorized
Participant Agreement</B>&rdquo; shall mean each Authorized Participant Agreement among the Authorized Participant, the Trust
and the Sponsor into which these Creation and Redemption Procedures are attached as Schedule 1 and the Standard Terms and Conditions
attached as Schedule 2 shall have been incorporated by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Authorized
Participant Client</B>&rdquo; means any party on whose behalf the Authorized Participant acts in connection with an Order (whether
a customer or otherwise).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Authorized
Representative</B>&rdquo; shall mean, with respect to an Authorized Participant, each individual who, pursuant to the provisions
of the Authorized Participant Agreement between such Authorized Participant, the Sponsor, and the Trust, has the power and authority
to act on behalf of the Authorized Participant in connection with the placement of Purchase Orders or Redemption Orders and is
in possession of the personal identification number (PIN) assigned by the Transfer Agent for use in any communications regarding
Purchase or Redemption Orders on behalf of such Authorized Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Basket</B>&rdquo;
means a block of 10,000 Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Basket
Amount</B>&rdquo; shall mean the number of Ethereum to be delivered by an Authorized Participant in connection with an In-Kind
Purchase Order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Benchmark
Price</B>&rdquo; means the U.S. dollar price of one Ethereum as determined by the CME CF Ethereum Reference Rate &ndash; New York
Variant or such other means as determined the Sponsor in accordance with the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Beneficial
Owner</B>&rdquo; shall have the meaning given to it by Rule 16a-1(a)(2) of the Securities Exchange Act of 1934.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Ethereum</B>&rdquo;
shall mean the cryptocurrency that is the native unit of account of the Ethereum Network, as determined by the Sponsor in its
sole discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Ethereum
Network</B>&rdquo; shall mean the peer to peer cryptographic network commonly accepted as &ldquo;Ethereum&rdquo; and for which
Ethereum is the native unit of account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Business
Day</B>&rdquo; shall mean, if and as applicable, (i) each day the exchange on which the relevant Shares trade is open for regular
trading, and/or (ii) a New York Business Day</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Cash
Purchase Order</B>&rdquo; shall mean a Purchase Order whereby the Authorized Participant shall deliver cash in exchange for Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Cash
Redemption Order</B>&rdquo; shall mean a Redemption Order whereby the Authorized Participant shall receive U.S. dollars in exchange
for its delivery of Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Creation</B>&rdquo;
means the process that begins when an Authorized Participant first indicates to the Transfer Agent its intention to purchase one
or more Baskets pursuant to these Procedures and concludes with the issuance by the Trust and Delivery to such Authorized Participant
of the corresponding number of the Trust&rsquo;s Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Creation
and Redemption Line</B>&rdquo; shall mean a telephone number designated as such by the Transfer Agent and specified in Annex I
of the Procedures or otherwise communicated to each Authorized Participant in compliance with the notice provisions of the Authorized
Participant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Custodial
Account</B>&rdquo; shall mean the Ethereum account established by the Trust with the Custodian pursuant to the Custodian Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Custodian</B>&rdquo;
shall mean Coinbase Custody Trust Company LLC, in its capacity as custodian under the Custodian Agreement and any successor thereto
or additional or other custodian appointed in compliance with the provisions of the Trust Agreement and relevant Custodian Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Custodian
Agreement</B>&rdquo; shall mean the applicable Custodian Agreement by and between the Trust and the Custodian.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Delivery</B>&rdquo;
shall mean a delivery of Ethereum, Shares or U.S. dollars, as applicable; <B>provided, </B>in the case of a delivery of Ethereum,
that Delivery is deemed to have occurred upon the transaction or transactions appearing on the public blockchain of the Ethereum
Network ; provided further, that if the block on the Ethereum Network containing the Delivery transaction is &ldquo;orphaned&rdquo;,
reversed, or otherwise not confirmed consistent with the normal operation of the Ethereum Network, then Delivery shall be deemed
not to have occurred despite any initial confirmation of the Delivery on the Ethereum Network.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Depositor</B>&rdquo;
shall mean any Authorized Participant that deposits (or causes the deposit of) Ethereum or cash into the Trust, either for its
own account or on behalf of another Person that is the owner or beneficial owner of that Ethereum or cash.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Deposit
Property</B>&rdquo; means either Ethereum, in the case of an In-Kind Purchase Order, or cash, in the case of a Cash Purchase Order,
which must be transferred by the Authorized Participant to the Trust in exchange for Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>DTC</B>&rdquo;
shall mean The Depository Trust Company, its nominees and their respective successors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>FINRA</B>&rdquo;
means the Financial Industry Regulatory Authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>In-Kind
Purchase Order</B>&rdquo; shall mean a Purchase Order whereby the Authorized Participant shall deliver Ethereum in exchange for
Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>In-Kind
Redemption Order</B>&rdquo; shall mean a Redemption Order whereby the Authorized Participant shall receive Ethereum in exchange
for its delivery of Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Initial
Creation</B>&rdquo; shall mean the initial creation of Shares pursuant to the provisions of Section 2.01 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>New
York Business Day</B>&rdquo; shall mean a day (other than a Saturday, Sunday or a public holiday in New York) on which commercial
banks generally are open for the transaction of business in New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Order</B>&rdquo;
shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Order
Cutoff Time</B>&rdquo; shall mean the time by which a Purchase Order or Redemption Order must be placed with the Transfer Agent
to be deemed received on a particular Business Day. For In-Kind Purchase Orders and In-Kind Redemption Orders, the Order Cutoff
Time is 3:59:59 p.m. (New York time) on any Business Day. For Cash Purchase Orders or Cash Redemption Orders, the Order Cutoff
Time is 1:59:59 p.m. (New York time) on any Business Day unless the Sponsor determines, in its sole discretion, to designate an
earlier Order Cutoff Time, in which case such alternative Order Cutoff Time shall be communicated by the Sponsor to the Authorized
Participant in writing by 9:29:29 am (New York time) on any Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Order
Date</B>&rdquo; shall mean the Business Day upon which a Purchase Order or Redemption Order shall be deemed to be &ldquo;accepted&rdquo;
by the Transfer Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Person</B>&rdquo;
shall mean any natural person or any limited liability company, corporation, partnership, joint venture, association, joint stock
company, trust, unincorporated organization or government or any agency or political subdivision thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Procedures</B>&rdquo;
shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Prospectus</B>&rdquo;
or &ldquo;<B>Prospectuses</B>&rdquo; means the current prospectus for the Shares of the relevant Trust included in its effective
registration statement for such Shares (the &ldquo;<B>Registration Statement</B>&rdquo;), as supplemented or amended from time
to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Purchase
Order</B>&rdquo; shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Redemption
Order</B>&rdquo; shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Required
Cash Amount&rdquo; </B>shall mean an amount of U.S. dollars equal to the Basket Amount multiplied by the Benchmark Price on any
Order Date plus any transaction costs or less any transaction costs, in the case of a Purchase Order or Redemption Order, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Shares</B>&rdquo;
means Shares issued by the Trust pursuant to the provisions of the Trust Agreement and as registered with the SEC under the Securities
Act of 1933, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Sponsor</B>&rdquo;
shall mean Bitwise Investment Advisers, LLC, a Delaware limited liability company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Sponsor
Indemnified Party</B>&rdquo; shall have the meaning ascribed to such term in Section 6.01.b of the Standard Terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Transfer
Agent</B>&rdquo; shall mean Bank of New York Mellon, a New York banking corporation, in its capacity as transfer agent of the
Trust, and any successor thereto in compliance with the provisions thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Trustee</B>&rdquo;
shall mean Delaware Trust Company, a Delaware trust company, in its capacity as Trustee under the Trust Agreement, and any successor
thereto in compliance with the provisions thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Trust</B>&rdquo;
means the Bitwise Ethereum ETF, a Delaware statutory trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Trust
Agreement</B>&rdquo; shall have the meanings ascribed to them in the introductory paragraph of the Authorized Participant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.02.&nbsp;&nbsp;<U>Interpretation</U>.&nbsp;&nbsp;In these Procedures:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, all references to Sections, clauses, paragraphs, schedules or exhibits, are to Sections, clauses, paragraphs,
schedules or exhibits in or to these Procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that term(s) defined in Section 1.01 apply to the Trust and the Trust has not commenced operations as of any relevant
date, such term(s) shall not be operative and any provisions relating to the Trust and its Shares contained in the Authorized
Participant Agreement shall have no effect until such Trust commences operations and the Trust Agreement and applicable Custodian
Agreement have been executed and delivered whereupon such terms and provisions shall become automatically operative and effective
without any further action by the parties to the Authorized Participant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
words &ldquo;hereof&rdquo;, &ldquo;herein&rdquo;, &ldquo;hereunder&rdquo; and words of similar import shall refer to these Procedures
as a whole, and not to any individual provision in which such words may appear.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reference to any statute, law, decree, rule, regulation or other applicable norm shall be construed as a reference to such statute,
law, decree, rule, regulation or other applicable norm as re-enacted, re-designated or amended from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reference to any agreement, instrument or document shall be construed as a reference to such agreement, instrument or document
as the same may have been amended from time to time in compliance with the provisions thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
in these Procedures a Person is permitted or required to make a decision or take an action or omit to do any of the foregoing
(i) in its &ldquo;sole and absolute discretion&rdquo; or &ldquo;discretion&rdquo; or that it deems &ldquo;necessary or appropriate&rdquo;
or &ldquo;necessary or advisable&rdquo; or under a similar grant of authority or latitude, such Person will be entitled to consider
such interests and factors, including its own interests, as it desires, and will have no duty or obligation to consider any other
interests or factors affecting the Trust, any Authorized Participant or any other Person or to seek the consent of any Person,
and shall not be subject to any other or different standards imposed by the Procedures, the Trust Agreement, any other agreement
contemplated hereby, under any law, rule or regulation or in equity or (ii) with an express standard of behavior (including, without
limitation, standards such as &ldquo;reasonable&rdquo; or &ldquo;good faith&rdquo;), then the Person will comply with such express
standard and will not be subject to any other or different standard.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
II<BR>
<BR>
CREATION PROCEDURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.01.&nbsp;&nbsp; &nbsp;<U>Initial Creation of Shares</U>.&nbsp;&nbsp;The initial creation of Shares of the Trust will take place
in compliance with such procedures as the Transfer Agent, the Sponsor and the initial Depositor may agree.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.02.&nbsp;&nbsp; &nbsp;<U>Subsequent Creation of Shares</U>.&nbsp;&nbsp;After the Initial Creation, the issuance and Delivery
of Shares shall take place only in integral numbers of Baskets in compliance with the following rules:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participants wishing to acquire from the Trust one or more Baskets shall place a Purchase Order with the Transfer Agent no later
than the Order Cutoff Time. Purchase Orders received by the Transfer Agent on or after the Order Cutoff Time on a Business Day
shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next
Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of Section 2.02a. above, a Purchase Order shall be deemed &ldquo;received&rdquo; by the Transfer Agent only when either
of the following has occurred no later than the Order Cutoff Time:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone/fax
Order &mdash; An Authorized Representative shall have placed a telephone call to the Trust&rsquo;s Creation and Redemption Line
and has received an Order Number from the Transfer Agent for insertion in the Purchase Order, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Web-based
Order &mdash; An Authorized Representative shall have accessed the Trust&rsquo;s online services (<U>nexen.bnymellon.com</U>),
and informed the Transfer Agent that the Authorized Participant wishes to place a Purchase Order for a specified number of Baskets
and, in the case of a telephone order, within 30 minutes following such telephone call the Transfer Agent shall have received
a properly completed, irrevocable Purchase Order in the form set out in Annex I to these Procedures executed by an Authorized
Representative of such Authorized Participant, via facsimile or email at the number or address specified in such Annex I.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Transfer Agent shall provide a written summary to the Sponsor and the Custodian of all accepted Purchase Orders for such Order
Date no later than 6:30 p.m. (New York time).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
soon as reasonably practicable following receipt of a properly completed Purchase Order, but not later than 6:30 p.m. (New York
time) on the Order Date for such Purchase Order, the Transfer Agent shall send to the Authorized Participant (with copy to the
Sponsor and the Custodian, via facsimile or electronic mail message, a copy of the corresponding Purchase Order endorsed &ldquo;Accepted&rdquo;
by the Transfer Agent and indicating the Basket Amount (in the case of an In-Kind Purchase Order) or Required Cash Amount (in
the case of a Cash Purchase Order) that the Authorized Participant shall Deliver (or cause to be Delivered) to the Custodian (in
the case of an In-Kind Purchase Order) or Transfer Agent (in the case of a Cash Purchase Order) in respect of each Basket. Prior
to the transmission of the Transfer Agent&rsquo;s acceptance as specified above, a Purchase Order will only represent the Authorized
Participant&rsquo;s unilateral offer to Deliver, or cause to be Delivered, the Basket Amount or Required Cash Amount, as applicable,
in exchange for Baskets of Shares and will have no binding effect upon the Trust or any other party. Following the transmission
of the Transfer Agent&rsquo;s acceptance as specified above, a Purchase Order will be a binding agreement among the Trust and
the Authorized Participant for the Creation and purchase of Baskets of Shares and the deposit of the Basket Amount or Required
Cash Amount pursuant to the terms of the Purchase Order and these Procedures unless cancelled. If a Purchase Order is rejected,
the Transfer Agent shall send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message,
as soon as reasonably practicable, but not later than 6:30 p.m. (New York time) on the Order Date for such Purchase Order, a copy
of the corresponding Purchase Order endorsed &ldquo;Declined&rdquo; by the Transfer Agent and indicating the reason. The preceding
sentence notwithstanding, Purchase Orders received before the Order Cutoff Time for an Order Date and not accepted by the Transfer
Agent by 6:30 p.m. (New York time) on the Order Date shall be deemed cancelled. A Purchase Order which is not accepted by the
Transfer Agent and is determined by the Transfer Agent not to be properly completed will be deemed invalid and rejected by the
Transfer Agent; the Authorized Participant may submit a corrected Purchase Order within the time period specified in Section 1.09
of the Standard Terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Purchase Order shall settle on the Business Day following the Order Date. For In-Kind Purchase Orders, the Basket Amount corresponding
to each Basket must be Delivered to the Custodial Account no later than 3:00 p.m. (New York time) on the Business Day following
the Order Date; <B>provided, however,</B> the Sponsor may, in its sole discretion, may extend such deadline to accommodate delays
or disruptions on the Ethereum Network For Cash Purchase Orders, although the Required Cash Amount corresponding to each Basket
must be deposited with the Transfer Agent no later than 3:00 p.m. (New York time) on the Business Day following the Order Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
In-Kind Purchase Orders, the Custodian shall advise the Sponsor in writing of the Deliveries made to the Custodial Account in
connection with each In-Kind Purchase Order. For Cash Purchase Orders, the Transfer Agent shall advise the Sponsor in writing
of the Required Cash Amount deposits made to the Transfer Agent in connection with each Cash Purchase Order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the Business Day following the Order Date corresponding to a Purchase Order, or on such earlier date and time as the Sponsor in
its absolute discretion may agree with the Authorized Participant, the Trust shall issue the aggregate number of Shares corresponding
to the number of Baskets ordered by the Authorized Participant and Deliver them, by credit to the account at DTC which the Authorized
Participant shall have identified for such purpose in its Purchase Order, provided that, on the date such issuance and Delivery
is to take place:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;in the case of an In-Kind Purchase Order, the Custodian shall have reported in writing to the Sponsor, and
the Sponsor shall have reported to the Transfer Agent that the Basket Amount has been Delivered to the Custodial Account in
compliance with the provisions of Section 2.02e. above and the Authorized Participant shall have paid the Transfer Agent the
per order transaction fee; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of a Cash Purchase Order, the Authorized Participant shall have paid the Transfer Agent the Required Cash Amount and
a per order transaction fee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
all other cases, the Trust shall issue the aggregate number of Shares corresponding to the number of Baskets ordered by the Authorized
Participant and deliver them by credit to the account at DTC which the Authorized Participant shall have identified for such purpose
in its Purchase Order on the Business Day following the date on which the conditions set forth in either clause (i) or (ii) of
Section 2.02g. above shall have been met. In the event that on the Business Day following the Order Date of a Purchase Order,
in the case of an In-Kind Purchase Order, the Basket Amount shall not have been Delivered to the Custodial Account, or, in the
case of a Cash Purchase Order, the Required Cash Amount shall not have been Delivered to Transfer Agent, in compliance with the
provisions of section 2.02e. above, the Authorized Participant shall have two (2) Business Days to correct such failure. If such
failure is not cured within such two (2) Business Day period, the Transfer Agent shall cancel such Purchase Order and will send
via electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant
will be solely responsible for all costs incurred by the Trust, the Transfer Agent, the Sponsor or the Custodian related to the
cancelled Order and shall reimburse such Persons for the same to the extent paid by such Persons; <B>provided, </B>for the avoidance
of doubt, that any obligation of an Authorized Participant to bear costs pursuant to this sentence shall not affect such Authorized
Participant&rsquo;s indemnification obligations under these Procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing provisions notwithstanding, none of the Trust, the Sponsor, the Transfer Agent or the Custodian shall be liable for
any failure or delay in making Delivery of Shares or Ethereum in respect of a Purchase Order arising from nuclear fission or fusion,
radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority,
public service or utility problems, power outages resulting in telephone, telecopy, internet and computer failures, act of God
such as fires, floods, extreme weather conditions, pandemics, market conditions or activities causing trading halts, delays, systems
failures involving computer, network, blockchain or other information systems affecting the Trust, the Transfer Agent, the Sponsor
or the&nbsp;Custodian and similar extraordinary events beyond their control. In the event of any such delay, the time to complete
Delivery in respect of a Purchase Order will be extended for a period equal to that during which the inability to perform continues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">j.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided in Sections 2.02d., 2.02f. and 2.02h., none of the Trust, the Transfer Agent, the Sponsor, or the Custodian are under
any duty to give notification of any defects or irregularities in any Purchase Order or the delivery of the Basket Amount or Required
Cash Amount, as applicable, and shall not incur any liability for the failure to give any such notification.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase
Orders may be rejected under the circumstances specified in the applicable Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.03.&nbsp;&nbsp; &nbsp;<U>Provenance of Ethereum Deposits</U>.&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participant represents and warrants that any Ethereum it Delivers (or causes to be Delivered) to the Custodial Account in connection
with an In-Kind Purchase Order shall:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;be
Delivered free and clear of any lien, pledge, encumbrance, right, charge or claim;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
have been acquired by the Authorized Participant or any intermediary facilitating such delivery as part of an employee compensation
plan or held by such Authorized Participant or intermediary as inventory in the ordinary course of business;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;be Delivered by a Person duly authorized by the Authorized Participant to make such deposit; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
be derived from, or related to, any activity that is deemed criminal under the United States law or any other applicable law,
including anti-corruption laws, anti-bribery laws, OFAC regulations or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participant shall cooperate, and cause any intermediary facilitating delivery of Ethereum on its behalf, with the Sponsor and
the Transfer Agent in respect of any reasonable request for information regarding such party&rsquo;s acquisition and cost basis
in such Ethereum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participant acknowledges that the Sponsor or the Transfer Agent may, but is not required to, facilitate a compliance review relating
to Ethereum Delivered to the Custodial Account in connection with a Purchase Order and, to the extent that such compliance review
results in an inquiry in respect of the provenance of such Ethereum, the Sponsor or Transfer Agent may make inquiries of the Authorized
Participant or reject such deposit of Ethereum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
III<BR>
<BR>
REDEMPTION PROCEDURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.01.&nbsp;&nbsp; &nbsp;Redemption of Shares.&nbsp;&nbsp;Redemption of Shares shall take place only in integral numbers of Baskets
in compliance with the following rules:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participants wishing to redeem one or more Baskets shall place a Redemption Order with the Transfer Agent no later than the Order
Cutoff Time on any Business Day. Redemption Orders received by the Transfer Agent on or after the Order Cutoff Time on any Business
Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next
Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of Section 3.01a. above, a Redemption Order shall be deemed &ldquo;received&rdquo; by the Transfer Agent only when either
of the following has occurred no later than the Order Cutoff Time:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone/fax
Order &mdash; An Authorized Representative shall have placed a telephone call to the Trust&rsquo;s Creation and Redemption Line
and has received an Order Number from the Transfer Agent for insertion in the Redemption Order, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Web-based
Order &mdash; An Authorized Representative shall have accessed the Trust&rsquo;s online services (nexen.bnymellon.com) and informed
the Transfer Agent that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets and, in
the case of a telephone order, within 30 minutes following such telephone call the Transfer Agent shall have received a duly completed,
irrevocable Redemption Order in the form set out in Annex I to these Procedures executed by an Authorized Representative of such
Authorized Participant, via facsimile at the number specified in such Annex I.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Transfer Agent shall provide a written summary to the Sponsor and the Custodian of all accepted Redemption Orders for such Order
Date no later than 6:30 p.m. (New York time).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt of a properly completed Redemption Order, the Transfer Agent shall send to the Authorized Participant (with copy to the
Custodian), via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 6:30 p.m. (New York
time) on the Order Date for such Redemption Order a copy of the corresponding Redemption Order endorsed &ldquo;Accepted&rdquo;
by the Transfer Agent and, in the case of an In-Kind Redemption Order, indicating the Basket Amount that the Custodian shall Deliver
to the Authorized Participant (or its designee), or in the case of a Cash Redemption Order, the Required Cash Amount that the
Transfer Agent shall deliver to the Authorized Participant, in respect of each Basket being redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Transfer Agent shall on the Business Day following the Order Date of a Redemption Order confirm in writing to the Sponsor that
the Authorized Participant has Delivered to the Trust&rsquo;s account at DTC the total number of Shares to be redeemed by such
Authorized Participant pursuant to such Redemption Order and has paid the Transfer Agent a per order transaction fee<I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provided
that the Sponsor has received written confirmation from the Transfer Agent that the conditions set forth in Section 3.01e. above
have been satisfied, the Sponsor shall, on the same Business Day: (1) in the case of an In-Kind Redemption Order, Deliver, through
the Custodian, the Basket Amount specified in the communication sent in compliance with Section 3.01d. above, to the Ethereum
Network address indicated by the Authorized Participant in its Redemption Order; or (2) in the case of a Cash Redemption Order,
the Transfer Agent shall distribute to the Authorized Participant the Required Cash Amount. In the case of an In-Kind Redemption
Order, the Ethereum Network address indicated by the redeeming Authorized Participant shall be properly formatted and in the control
of the Authorized Participant or its designee for receipt of Ethereum. As between the Trust, Transfer Agent, Sponsor and Custodian,
on the one hand, and the Authorized Participant (and any of its agents, intermediaries or designees) on the other hand, the Authorized
Participant shall be solely responsible for delivery to the Transfer Agent of the correct Ethereum Network address for receipt
of the Basket Amount. Having caused such Delivery, the Custodian shall send written confirmation thereof to the Sponsor, and the
Sponsor shall deliver to the Transfer Agent who shall then cancel the Shares so redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
all other cases involving an In-Kind Redemption Order, Delivery must be completed by the Custodian as soon as, in the reasonable
judgment of the Custodian, it is practicable following receipt of written confirmation from the Transfer Agent that the conditions
set forth in clauses (i) and (ii) of Section 3.01e. above have been satisfied.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing provisions notwithstanding, none of the Trust, the Transfer Agent, the Sponsor, or the Custodian shall be liable for
any failure or delay in making Delivery of Ethereum or the Required Cash Amount in respect of a Redemption Order arising from
nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of
government, public authority, public service or utility problems, power outages resulting in telephone, telecopy and computer
failures, act of God such as fires, floods, extreme weather conditions, pandemics, market conditions or activities causing trading
halts, delays, systems failures involving computer, network, blockchain or other information systems affecting the Trust, the
Transfer Agent, the Sponsor or the Custodian and similar extraordinary events beyond any of their control. Furthermore, the Trust,
the Transfer Agent, the Sponsor or the Custodian shall not be liable to the Authorized Participant for any delay or cancellation
of a Redemption Order due to a technical or security issue relating to the Ethereum Network or the Custodian&rsquo;s security
system or a hard fork of the Ethereum Network. In the event of any such delay, the time to complete Delivery in respect of a Redemption
Order will be extended for a period equal to that during which the inability to perform continues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that on the Business Day following the Order Date of a Redemption Order, the Trust&rsquo;s account at DTC shall not
have been credited with the total number of Shares corresponding to the total number of Baskets to be redeemed pursuant to such
Redemption Order the Authorized Participant shall have two (2) Business Days to correct such failure. If such failure is not cured
within such two (2) Business Day period, the Transfer Agent will cancel such Redemption Order and will send via fax or electronic
mail message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will
be solely responsible for all costs incurred by the Trust, the Transfer Agent, the Sponsor or the Custodian related to the cancelled
Order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
redemption of Shares may be suspended or rejected under the circumstances specified in the applicable Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>[Signatures
Follow on Next Page]</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B>, the Trust, the Sponsor and the Transfer Agent have executed these Creation and Redemption Procedures as of
the date set forth above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BITWISE
ETHEREUM ETF,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the Bitwise Ethereum ETF</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">___________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BITWISE
INVESTMENT ADVISERS, LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">___________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
BANK OF NEW YORK MELLON, in its capacity as Transfer Agent</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">___________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Signature
page to Creation and Redemption Procedures</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 18 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANNEX
I TO CREATION AND REDEMPTION PROCEDURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BITWISE
ETHEREUM ETF </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CREATION/REDEMPTION
ORDER FORM</B><BR>
<BR></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTACT
INFORMATION FOR ORDER EXECUTION:</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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone
    order number:</FONT></TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax
    order number:</FONT></TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Participant must complete all items in Part 1. The Transfer Agent in its discretion may reject any order not submitted in proper
form.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.
TO BE COMPLETED BY AUTHORIZED</B>&nbsp;<B>PARTICIPANT:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:__________________________________</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Time:_______________________________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broker
    Name:___________________________</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Participant Firm Name:_______________________</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC
    Participant Number:__________________</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax
    Number:_________________________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone
    Number:______________________</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Symbol:_____________________________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type
    of order (Check Creation or Redemption and Cash or In-Kind please)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Creation:___________________________________</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption:_________________________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash:___________________________________</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In-Kind:_________________________________________</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">#
    of Creation Units:___________________________</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
    of Creation Units written out:_____________________</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Order
#_______________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
utilizing an intermediary to facilitate delivery of Ethereum or the receipt of Ethereum, please identify:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intermediary
Name:______________________ Contact Person Name:__________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone
Number:_________________ Email:________________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ethereum
Network Address for Ethereum receipt/delivery:____________________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Purchase or Redemption Order is subject to the terms and conditions of the Trust Agreement of the Shares of the Trust as currently
in effect and the Authorized Participant Agreement between the Authorized Participant, the Trust and the Sponsor. All representations
and warranties of the Authorized Participant set forth in such Trust Agreement (including, if this is a Purchase Order, the representations
in the Authorized Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned does hereby certify as of the date set forth below that he/she is an Authorized Representative under the Authorized
Participant Agreement and that he/she is authorized to deliver this Purchase or Redemption Order to the Transfer Agent on behalf
of the Authorized Participant. The Authorized Participant acknowledges and agrees that (1) once accepted by the Transfer Agent,
this Purchase or Redemption Order will become a legally binding contract for the delivery by the Authorized Participant of the
Basket Amount per Basket for a Purchase Order, or the number of Baskets for a Redemption Order, indicated above, and that the
final Basket Amount will be announced at the conclusion of the trading day and, (2) any taxes incurred in connection with this
transaction will be the responsibility of, and will be reimbursed upon demand from the Trust, the Transfer Agent, the Sponsor
or the Custodian by, the Authorized Participant if required pursuant to the Authorized Participant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Representative&rsquo;s Signature</FONT></TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>II.TO
BE COMPLETED BY TRANSFER AGENT:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
certifies that the above order has been:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">_______________Accepted
by the Transfer Agent</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">_______________Declined-</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reason:____________________________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">____________________________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Final
# of Ethereum: _________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Final
# of Shares: _________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Final
Cash Due to Transfer Agent&nbsp;&nbsp;_______________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 14%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">_____</FONT></TD>
    <TD STYLE="width: 14%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">_____</FONT></TD>
    <TD STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">__________________________________</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Time</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Signature of Transfer Agent</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANNEX
II TO CREATION AND REDEMPTION PROCEDURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
ORDER ENTRY SYSTEM TERMS AND CONDITIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Annex II shall govern use by Authorized Participant of the electronic order entry system for placing Purchase Orders and Redemption
Orders for Shares (the &ldquo;<B>System</B>&rdquo;). Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed to such terms in Schedule 1 of the Authorized Participant Agreement. In the event of any conflict between the terms of
this Annex II and the main body of the Authorized Participant Agreement with respect to the placing of Purchase Orders and Redemption
Orders, the terms of this Annex II shall control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Participant shall provide to The Bank of New York Mellon a duly executed authorization letter, in a form satisfactory
to The Bank of New York Mellon, identifying those authorized persons who will access the System (the &ldquo;<B>Authorized Persons</B>&rdquo;).
Authorized Participant shall notify The Bank of New York Mellon in writing in the event that any person&rsquo;s status as an Authorized
Person is revoked or terminated as soon as possible, in order to give The Bank of New York Mellon a reasonable opportunity to
terminate such Authorized Person&rsquo;s access to the System.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is understood and agreed that each Authorized Person shall be designated as an authorized
user of Authorized Participant for the purpose of the Authorized Participant Agreement. Upon termination of the Authorized Participant
Agreement, the Authorized Participant&rsquo;s and each Authorized Person&rsquo;s access rights with respect to System shall be
immediately revoked.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bank of New York Mellon grants to Authorized Participant a personal, nontransferable and nonexclusive license to use the System
solely for the purpose of transmitting Purchase Orders and Redemption Orders and otherwise communicating with The Bank of New
York Mellon in connection with the same. Authorized Participant shall use the System solely for its own internal and proper business
purposes. Except as set forth herein, no license or right of any kind is granted to Authorized Participant with respect to the
System. Authorized Participant acknowledges that The Bank of New York Mellon and its suppliers retain and have title and exclusive
proprietary rights to the System. Authorized Participant further acknowledges that all or a part of the System may be copyrighted
or trademarked (or a registration or claim made therefor) by The Bank of New York Mellon or its suppliers. Authorized Participant
shall not take any action with respect to the System inconsistent with the foregoing acknowledgments. Authorized Participant may
not copy, distribute, sell, lease or provide, directly or indirectly, the System or any portion thereof to any other person or
entity without The Bank of New York Mellon&rsquo;s prior written consent. Authorized Participant may not remove any statutory
copyright notice or other notice included in the System. Authorized Participant shall reproduce any such notice on any reproduction
of any portion of the System and shall add any statutory copyright notice or other notice upon The Bank of New York Mellon&rsquo;s
request. The Bank of New York Mellon agrees to maintain its System in good repair and to maintain at all times robust cyber security
software and protections to prevent unauthorized access, destruction, corruption or misuse of the information submitted by Authorized
Participant through the System.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Participant acknowledges that any user manuals or other documentation (whether in hard copy or electronic form)
(collectively, the &ldquo;<B>Material</B>&rdquo;), which is delivered or made available to Authorized Participant regarding the
System is the exclusive and confidential property of The Bank of New York Mellon. Authorized Participant shall keep the Material
confidential by using the same care and discretion that Authorized Participant uses with respect to its own confidential property
and trade secrets, but in no event less than reasonable care. Authorized Participant may make such copies of the Material as is
reasonably necessary for Authorized Participant to use the System and shall reproduce The Bank of New York Mellon&rsquo;s proprietary
markings on any such copy. The foregoing shall not in any way be deemed to affect the copyright status of any of the Material
which may be copyrighted and shall apply to all Material whether or not copyrighted. THE BANK OF NEW YORK MELLON AND ITS SUPPLIERS
MAKE NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE MATERIAL OR ANY PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon termination of the Authorized Participant Agreement for any reason, Authorized
Participant shall return to The Bank of New York Mellon all copies of the Material which is in Authorized Participant&rsquo;s
possession or under its control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participant agrees that it shall have sole responsibility for maintaining adequate security and control of the user IDs, passwords
and codes for access to the System, which shall not be disclosed to any third party without the prior written consent of The Bank
of New York Mellon. The Bank of New York Mellon shall be entitled to rely on the information received by it from the Authorized
Participant and The Bank of New York Mellon may assume that all such information was transmitted by or on behalf of an Authorized
Person regardless of by whom it was actually transmitted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bank of New York Mellon shall have no liability in connection with the use of the System, the access granted to the Authorized
Participant and its Authorized Persons hereunder, or any transaction effected or attempted to be effected by the Authorized Participant
hereunder, except for damages incurred by the Authorized Participant as a direct result of The Bank of New York Mellon&rsquo;s
gross negligence or willful misconduct or its gross negligence in maintaining the System in good repair and maintain reasonable
cyber security protections, consistent with industry standards. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY
AGREED THAT IN NO EVENT SHALL THE BANK OF NEW YORK MELLON OR ANY MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES BE
RESPONSIBLE OR LIABLE FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE
BY REASON OF ITS HAVING ENTERED INTO OR RELIED ON THIS AGREEMENT, OR IN CONNECTION WITH THE ACCESS GRANTED TO AUTHORIZED PARTICIPANT
HEREUNDER, OR ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF THE BANK OF NEW
YORK MELLON OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, NOR SHALL THE BANK OF NEW YORK
MELLON OR ANY SUCH MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION
OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND SUCH PERSON&rsquo;S
REASONABLE CONTROL.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bank of New York Mellon reserves the right to revoke Authorized Participant&rsquo;s access to the System immediately and without
notice upon any breach by the Authorized Participant of the terms and conditions of this Annex II.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Bank of New York Mellon shall acknowledge through the System its receipt of each Purchase Order or Redemption Order communicated
through the System, and in the absence of such acknowledgment The Bank of New York Mellon shall not be liable for any failure
to act in accordance with such orders and Authorized Participant may not claim that such Purchase Order or Redemption Order was
received by The Bank of New York Mellon. The Bank of New York Mellon may in its discretion decline to act upon any instructions
or communications that are insufficient or incomplete or are not received by The Bank of New York Mellon in sufficient time for
The Bank of New York Mellon to act upon, or in accordance with such instructions or communications.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participant agrees to use reasonable efforts to prevent the transmission through the System of any software or file which contains
any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to interfere or
attempt to interfere with the proper working of the Systems.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
Participant acknowledges and agrees that encryption may not be available for every communication through the System, or for all
data. Authorized Participant agrees that The Bank of New York Mellon may deactivate any encryption features at any time, without
notice or liability to Authorized Participant, for the purpose of maintaining, repairing or troubleshooting its systems.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
2- STANDARD TERMS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TABLE
OF CONTENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    I ORDERS FOR PURCHASE AND REDEMPTION</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.01.&nbsp;&nbsp;Authorization to Purchase and Redeem Baskets</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.02.&nbsp;&nbsp;Procedures for Orders</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.03.&nbsp;&nbsp;Consent to Recording</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.04.&nbsp;&nbsp;Irrevocability</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.05.&nbsp;&nbsp;Costs and Expenses</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.06.&nbsp;&nbsp;Delivery of Property to the Trust</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.07.&nbsp;&nbsp;Title to Deposit Property and Shares Surrendered for Redemption</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.08.&nbsp;&nbsp;Certain Payments or Distributions</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    1.09.&nbsp;&nbsp;Ambiguous Instructions</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    II AUTHORIZED REPRESENTATIVES</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    2.01.&nbsp;&nbsp;Certification</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    2.02.&nbsp;&nbsp;PIN Numbers</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    2.03.&nbsp;&nbsp;Termination of Authority</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    2.04.&nbsp;&nbsp;Verification</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    III AUTHORIZED PARTICIPANT REPRESENTATIONS, WARRANTIES AND COVENANTS</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.01.&nbsp;&nbsp;Entity Status</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.02.&nbsp;&nbsp;Outstanding Legal Matters</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.03.&nbsp;&nbsp;Compliance with Certain Laws</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.04.&nbsp;&nbsp;Clearing Status</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.05.&nbsp;&nbsp;Broker-Dealer Status</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.06.&nbsp;&nbsp;Foreign Status</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.07.&nbsp;&nbsp;Compliance with Certain Laws</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.08.&nbsp;&nbsp;Authorized Participant Status</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.10.&nbsp;&nbsp;Money Laundering and Similar Activities</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.11.&nbsp;&nbsp;Authorized Participant Status</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    3.12.&nbsp;&nbsp;Authorized Participant Clients</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    IV ROLE OF AUTHORIZED PARTICIPANT</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    4.01.&nbsp;&nbsp;No Agency</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    4.02.&nbsp;&nbsp;Rights and Obligations of DTC Participant</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    4.03.&nbsp;&nbsp;Beneficial Owner Communications</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    4.04.&nbsp;&nbsp;Authorized Participant Customer Information</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    V MARKETING MATERIALS AND REPRESENTATIONS AND WARRANTIES</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.01.&nbsp;&nbsp;Authorized Participant&rsquo;s Representation</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.02.&nbsp;&nbsp;Prospectus</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.03.&nbsp;&nbsp;Representations of the Trust</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    5.04.&nbsp;&nbsp;Use of Authorized Participant&rsquo;s Name</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    VI INDEMNIFICATION; LIMITATION OF LIABILITY</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    6.01.&nbsp;&nbsp;Indemnification</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    VII LIABILITY PROVISIONS</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    7.01. No Special Damages</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    7.02. Force Majeure</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    7.03. Reliance on Instructions</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    7.04. Limited Liability</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 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; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
    VIII MISCELLANEOUS</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    8.01.&nbsp;&nbsp;Commencement of Trading</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
    8.02.&nbsp;&nbsp;Defined Terms</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>STANDARD
TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS</B>&nbsp;(the &ldquo;<B>Standard Terms</B>&rdquo;) agreed to as of&nbsp;[<FONT STYLE="background-color: lightgrey"><I>Date</I></FONT>],
2023&nbsp;by and between [<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>] (the &ldquo;Authorized Participant&rdquo;), Bitwise Ethereum ETF (the &ldquo;<B>Trust</B>&rdquo;),
The Bank of New York Mellon, a New York banking corporation (the &ldquo;<B>Transfer Agent</B>&rdquo;), and Bitwise Investment
Advisers, LLC, a Delaware limited liability company (the &ldquo;<B>Sponsor</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
I</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ORDERS
FOR PURCHASE AND REDEMPTION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.01.&nbsp;<U>Authorization to Purchase&nbsp;and Redeem Baskets</U>. Subject to the provisions of the Authorized Participant Agreement,
during the term of the Authorized Participant Agreement the Authorized Participant will be authorized to purchase and redeem Baskets
of Shares in compliance with the provisions of the relevant Prospectus.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.02.&nbsp;<U>Procedures&nbsp;for Orders</U>. Each party hereto agrees to comply with the provisions of the relevant Prospectus
the Procedures, and these Standard Terms to the extent applicable to it.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.03.&nbsp;<U>Consent to Recording</U>. The phone lines or chat software used by the Transfer Agent, the Sponsor and/or their
affiliated persons may be recorded, and the Authorized Participant hereby consents to the recording of all calls or chats with
any of those parties.&nbsp;&nbsp;In the event that the Transfer Agent, the Sponsor or any of their affiliated persons becomes
legally compelled to disclose to any third party any recording involving communications with the Authorized Participant, the Sponsor
agrees to provide the Authorized Participant with reasonable advance written notice identifying the recordings to be so disclosed
unless prohibited by applicable rule, regulatory request, law or order, together with copies of such recordings, so that the Authorized
Participant may seek a protective order or other appropriate remedy with respect to the recordings or waive its right to do so.&nbsp;&nbsp;In
the event that such protective order or other remedy is not obtained or the Authorized Participant waives its right to seek such
protective order or remedy, the Sponsor will use commercially reasonable efforts to obtain reliable assurance that confidential
treatment will be accorded the recorded conversation.&nbsp;&nbsp;The Transfer Agent, the Sponsor or any of their affiliated persons
shall not otherwise disclose to any third party any recording involving communications with the Authorized Participant without
the Authorized Participant&rsquo;s express written consent, except the Transfer Agent and the Sponsor may disclose to any regulatory
or self-regulatory organization, to the extent requested or required by applicable rule or law, any recording involving communications
with the Authorized Participant.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.04.&nbsp;<U>Irrevocability; Cancellation</U>. The Authorized Participant agrees that delivery to the Transfer Agent of an Order
shall be irrevocable; provided that the Trust will reject any Order that is not properly completed.&nbsp;&nbsp;In the event that
the purchase or redemption of Baskets is suspended by the Transfer Agent or the Sponsor and such suspension affects any Order
submitted by the Authorized Participant, the Transfer Agent or Sponsor, as applicable, will promptly notify the Authorized Participant
of such suspension.&nbsp;&nbsp;In such case, the Sponsor agrees to undertake commercially reasonable efforts to accommodate any
request by the Authorized Participant to cancel a previously placed Order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.05.&nbsp;<U>Costs and Expenses</U>. The Authorized Participant shall be responsible for the expenses and costs incurred by the
Trust that can be directly attributable to Orders submitted by the Authorized Participant other than ordinary course expenses
and costs which are reimbursed through payment of the fee contemplated in Section 2.02(g) of the Procedures.&nbsp;&nbsp;The Transfer
Agent or the Sponsor shall provide the Authorized Participant with reasonably detailed information relating to such expenses and
costs upon request by the Authorized Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.06.&nbsp;<U>Delivery of Property to the Trust and Shares Surrendered for Redemption</U>. The Authorized Participant understands
and agrees that in the event Deposit Property is not transferred to the Trust by the time specified for the Purchase Order, or
Shares are not delivered to the Trust by the time specified for the Redemption Order and, in each such case, in compliance with
the Procedures and the relevant Prospectus, the Purchase Order or Redemption Order may be cancelled by the Transfer Agent and
the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Transfer Agent, the Sponsor or
the Custodian related to the cancelled Order.&nbsp;&nbsp;The Authorized Participant will not, however, be responsible for costs
incurred by the Trust, the Transfer Agent, the Sponsor, or the Custodian related to cancelled Orders where the failure to transfer
Deposit Property to the Trust is due to&nbsp;the gross negligence, bad faith, or reckless or willful misconduct of the Transfer
Agent, the Sponsor, or the Custodian.&nbsp;&nbsp;The foregoing provisions notwithstanding, the Authorized Participant shall not
be liable for any failure or delay in making Delivery of Deposit Property in respect of a Purchase Order or for any failure or
delay in surrendering Shares for redemption arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion,
insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems, power outages
resulting in telephone, telecopy and computer failures, acts of God, such as fires, floods, extreme weather conditions, pandemic
market conditions or activities causing trading halts, delays systems failures involving computer, network, blockchain or other
information systems affecting the Authorized Participant, or similar extraordinary events beyond the Authorized Participant&rsquo;s
control.&nbsp;&nbsp;Furthermore, the Authorized Participant shall not be liable for any failure or delay in making Delivery of
Deposit Property that results from the Custodian halting deposits or the Authorized Participant being unable to (or reasonably
determining that it should not, for security reasons, attempt) Deliver Ethereum due to a technical or security issue relating
to the Ethereum Network or a hard fork of the Ethereum Network. In the event of any such delays, the time to complete Delivery
in respect of a Purchase Order or Redemption Order will be extended for a period equal to that during which the inability to perform
continues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.07.&nbsp;<U>Title to Deposit Property and Shares Surrendered for Redemption</U>. The Authorized Participant represents and warrants
to the Trust, the Transfer Agent and the Sponsor that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
connection with each Purchase Order, the Authorized Participant will have the right and authority to transfer to the Trust the
corresponding Deposit Property, and that upon delivery of such Deposit Property to the Custodian or Transfer Agent, as applicable,
in accordance with the Procedures, the Trust will acquire good and unencumbered title to such property, free and clear of all
liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse claims or transferability
restrictions, whether arising by operation of law or otherwise; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.
in connection with a Redemption Order, the Authorized Participant will have the right and authority to surrender to the Trust
for redemption the corresponding Shares, and upon such surrender the Trust will acquire good and unencumbered title to such Shares,
free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse
claims, transferability restrictions (whether arising by operation of law or otherwise), loan, pledge, repurchase or securities
lending agreements or other arrangements which, under such circumstances, would preclude the delivery of such Shares to the Trust
on the settlement date for the Order Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.08.&nbsp;<U>Certain Payments or Distributions</U>. &nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any Purchase Order, the Transfer Agent acknowledges and agrees to return to the Authorized Participant or any Authorized
Participant Client for which it is acting any payment, distribution or other amount paid to the Trust in respect of any Deposit
Property transferred to the Trust that, based on the valuation of such Deposit Property at the time of transfer, should have been
paid to the Authorized Participant or any Authorized Participant Client. Likewise, the Authorized Participant acknowledges and
agrees to return to the Trust any payment, distribution or other amount paid to the Authorized Participant or any Authorized Participant
Client in respect of any Deposit Property transferred to the Trust that, based on the valuation of such Deposit Property at the
time of transfer, should have been paid to the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to any Redemption Order, the Authorized Participant on behalf of itself and any Authorized Participant Client acknowledges
and agrees to return to the Trust any payment, distribution or other amount paid to it or an Authorized Participant Client in
respect of any property transferred to the Authorized Participant or any Authorized Participant Client that, based on the valuation
of such property at the time of transfer, should have been paid to the Trust.&nbsp;&nbsp;The Trust is entitled to reduce the amount
of any property due to the Authorized Participant or any Authorized Participant Client by an amount equal to any payment, distribution
or other sum to be paid to the Authorized Participant or to the Authorized Participant Client in respect of any property transferred
to the Authorized Participant or any Authorized Participant Client that, based on the valuation of such property at the time of
transfer, should be paid to the Trust. If, however, the Trust so reduces an amount of any property appropriately due to the Authorized
Participant, the Authorized Participant shall not be required to return to the Trust payments, distributions or other amounts
equal to such reduction&nbsp;that has been paid to the Authorized Participant or the Authorized Participant Client as is contemplated
in the first sentence of this Section 1.08(b).&nbsp;&nbsp;Likewise, the Trust acknowledges and agrees to return to the Authorized
Participant or any Authorized Participant Client any payment, distribution or other amount paid to it in respect of any Shares
transferred to the Trust that, based on the valuation of such Shares at the time of transfer, should have been paid to the Authorized
Participant or such Authorized Participant Client.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1.09.&nbsp;<U>Ambiguous&nbsp;Instructions</U>.&nbsp;&nbsp;In the event that a Purchase Order or Redemption Order contains terms
that differ from the information provided in the related telephone call, chat or email transmission, the Transfer Agent will attempt
to contact the Authorized Participant to request confirmation of the terms of the order at the telephone number indicated in the
Purchase Order or Redemption Order.&nbsp;&nbsp;If an Authorized&nbsp;Representative&nbsp;confirms the terms as they appear in
the Purchase Order or Redemption Order, then the order will be accepted and processed.&nbsp;&nbsp;If an Authorized&nbsp;Representative&nbsp;contradicts
the terms of the Purchase Order or Redemption Order, the order will be deemed invalid, and a corrected Purchase Order or Redemption
Order must be received by the Transfer Agent not later than the earlier of (i) within fifteen (15) minutes of such contact with
the Authorized&nbsp;Representative&nbsp;or (ii) thirty (30) minutes after the Order Cutoff Time.&nbsp;&nbsp;For the avoidance
of doubt, notwithstanding the invalidation of the initial Purchase Order or Redemption Order pursuant to this paragraph, a Purchase
Order or Redemption Order that is otherwise in proper form shall be deemed submitted at the time of its initial submission for
purposes of determining when orders are deemed &ldquo;received.&rdquo; If the Transfer Agent is not able to contact an Authorized
Person, then the Purchase Order or Redemption Order shall be accepted and processed in accordance with its terms notwithstanding
any inconsistency from the terms of the telephone information.&nbsp;&nbsp;In the event that a Purchase Order or Redemption Order
contains terms that are illegible, the submission will be deemed invalid and the Transfer Agent will attempt to contact the Authorized
Participant to request retransmission.&nbsp;&nbsp;A corrected Purchase Order or Redemption Order must be received by the Transfer
Agent, as applicable, not later than the earlier of (i) within fifteen (15) minutes of such contact with the Authorized Participant
or (ii) thirty (30) minutes after the Order Cutoff Time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
II</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUTHORIZED
REPRESENTATIVES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.01.&nbsp;<U>Certification</U>. Concurrently with the execution of the Authorized Participant Agreement, the Authorized Participant
shall deliver to the Transfer Agent a certificate in a form as attached at Schedule 3 to the Authorized Participant Agreement
(an &ldquo;<B>Authorized Representative Certificate</B>&rdquo;) signed by the Authorized Participant&rsquo;s Secretary or other
duly authorized person setting forth the names, signatures, e-mail addresses and telephone and facsimile numbers of all persons
authorized to give instructions relating to any activity contemplated hereby or any other notice, request or instruction on behalf
of the Authorized Participant (each an &ldquo;<B>Authorized Representative</B>&rdquo;).&nbsp;&nbsp;Such certificate may be accepted
and relied upon by the Transfer Agent as conclusive evidence of the facts set forth therein and shall be considered to be in full
force and effect until (i) receipt by the Transfer Agent of a superseding Authorized Representative Certificate, or (ii) termination
of the Authorized Participant Agreement.&nbsp;&nbsp;After such Authorized Representative Certificate is accepted by the Transfer
Agent, the Authorized Participant may authorize additional Authorized Representatives to give instructions relating to any activity
contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant by delivering to the Transfer
Agent an addendum to the certificate described above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.02.&nbsp;<U>PIN Numbers</U>. The Transfer Agent shall issue to each Authorized Participant a unique personal identification
number (&ldquo;<B>PIN Number</B>&rdquo;) by which such Authorized Participant shall be identified and instructions issued by the
Authorized Participant shall be authenticated. The PIN Number shall be kept confidential and only provided to Authorized Representatives.
The Authorized Participant may revoke the PIN Number at any time upon written notice to the Transfer Agent, and the Authorized
Participant shall be responsible for doing so in the event that it becomes aware that an unauthorized person has received access
to its PIN Number or has or intends to use the PIN Number in an unauthorized manner.&nbsp;&nbsp;Upon receipt of such written request,
the Transfer Agent shall promptly de-activate the PIN Number. If an Authorized Participant&rsquo;s PIN Number is changed, the
new PIN Number will become effective on a date mutually agreed upon by the Authorized Participant and the Transfer Agent.&nbsp;&nbsp;Except
as otherwise provided in these Standard Terms, the Authorized Participant agrees that, absent the Transfer Agent&rsquo;s fraud,
gross negligence, bad faith or&nbsp;reckless or&nbsp;willful misconduct in failing to cancel the PIN Number promptly following
a written request to do so from the Authorized Participant or the termination of the Authorized Participant Agreement, none of
the Trust, the Sponsor, the Transfer Agent or the Custodian shall be liable for losses incurred by the Authorized Participant
as a result of unauthorized use of the Authorized Participant&rsquo;s PIN Number prior to the time when the Authorized Participant
provides reasonable prior notice to the Transfer Agent of the termination or revocation of authority pursuant to Section 2.03
and the Transfer Agent has de-activated the PIN Number as provided for in this paragraph.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.03.&nbsp;<U>Termination of Authority</U>. Upon the termination or revocation of authority of an Authorized Representative by
the Authorized Participant, the Authorized Participant shall (i) promptly give written notice of such fact to the Transfer Agent
and such notice shall be effective upon receipt by the Transfer Agent; and (ii) request a new PIN Number.&nbsp;&nbsp;The Transfer
Agent shall promptly de-activate the PIN Number upon receipt of such written notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2.04.&nbsp;<U>Verification</U>. The Transfer Agent may assume that all instructions issued to it using the Authorized Participant&rsquo;s
PIN Number have been properly placed by Authorized Representatives, unless the Transfer Agent has actual knowledge to the contrary
or the Authorized Participant has revoked its PIN Number.&nbsp;&nbsp;The Transfer Agent shall have no duty to verify that an Order
is being placed by an Authorized Representative that uses a valid PIN Number.&nbsp;&nbsp;The Authorized Participant agrees that
the Transfer Agent shall not be responsible, absent the Transfer Agent&rsquo;s fraud, gross negligence, bad faith or&nbsp;reckless
or&nbsp;willful misconduct, for any losses incurred by the Authorized Participant as a result of an Authorized Representative
identifying himself or herself as a different Authorized Representative or an unauthorized person identifying himself or herself
as an Authorized Representative, unless the Transfer Agent previously received from the Authorized Participant written notice
to revoke its PIN Number.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
III</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUTHORIZED
PARTICIPANT REPRESENTATIONS, WARRANTIES AND COVENANTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.01. <U>Entity Status</U>. The Authorized Participant hereby represents, covenants and warrants that it has all requisite authority,
whether arising under applicable federal or state law, the rules and regulations of any self-regulatory organization to which
it is subject, or its certificate of incorporation, formation or limited liability company operating agreement or other organizational
document, as the case may be, to enter into the Authorized Participant Agreement and to discharge the duties and obligations apportioned
to it in accordance with the terms hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.02. <U>Outstanding Legal Matters</U>. &nbsp;The Authorized Participant hereby represents, covenants and warrants that there
are no actions, grievances, proceedings (including, without limitation, arbitration proceedings), orders, inquiries or claims
pending, or to the Authorized Participant&rsquo;s knowledge, threatened against or affecting it or any broker or employee (in
his or her capacity as such) by the Securities and Exchange Commission, FINRA or any other self-regulatory organization that would
affect the Authorized Participant&rsquo;s ability to fulfill its obligations under the Authorized Participant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.03. <U>Compliance with Certain Laws</U>. The Authorized Participant represents and warrants that it shall act in a manner consistent
with the instructions of the Trust and materially comply with all applicable laws, including, without limitation, securities laws
of each jurisdiction in which the Authorized Participant proposes to carry on the business contemplated by this Agreement. The
Authorized Participant&rsquo;s responsibility to the Trust is solely contractual in nature, the Authorized Participant has been
retained solely to act as an agent for submission of Creation Orders and Redemption Orders by other persons and no fiduciary,
advisory, distribution or underwriting or placement agency relationship between the Trust and the Authorized Participant has been
created.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.04.&nbsp;<U>Clearing&nbsp;Status</U>. The Authorized Participant represents, covenants and warrants that, as of the date of
execution of the Authorized Participant Agreement, and at all times during the term of the Authorized Participant Agreement, the
Authorized Participant is and will be entitled to use the clearing and settlement services of each of the national or international
clearing and settlement organizations through which, in compliance with the Procedures, the transactions contemplated hereby will
clear and settle. Any change in the foregoing status of the Authorized Participant shall terminate the Authorized Participant
Agreement and the Authorized Participant shall give prompt written notice thereof to the Transfer Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.05.&nbsp;<U>Broker-Dealer Status</U>. The Authorized Participant represents and warrants that it is registered as a broker-dealer
under the 1934 Act, and is a member in good standing of FINRA. In carrying out its responsibilities hereunder, the Authorized
Participant will maintain any such registrations, qualifications and membership in good standing, or, if applicable, exempt status,
in full force and effect throughout the term of this Agreement. The Authorized Participant will comply with all applicable United
States federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder,
and with the Constitution, By-Laws and Conduct Rules of FINRA and shall not offer or sell Shares in any state or jurisdiction
where they may not lawfully be offered and/or sold.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.06. <U>Ethereum Custody</U>. The Authorized Participant hereby represents, covenants and warrants that it maintains a wallet
or wallets from a reputable Ethereum wallet software provider, or with a third party provider of Ethereum wallets. If there is
any change in the foregoing, the Authorized Participant shall give immediate notice to the Sponsor of such event.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.07. <U>Status as &ldquo;Money Service Business&rdquo;</U>. The Authorized Participant understands and acknowledges that some
activities on its part, depending on the circumstances and under certain possible interpretations of applicable law, could be
interpreted as resulting in (i) its being deemed a &ldquo;money services business&rdquo; by the Financial Crimes Enforcement Network,
a bureau of the United States Department of Treasury and/or (ii) a money transmitter or entity engaged in virtual currency business
activity under state law. The Authorized Participant agrees to consult its own counsel in connection with entering into this Agreement
and transacting in Ethereum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.08.&nbsp;<U>Foreign Status</U>. If the Authorized Participant is offering and selling Shares in jurisdictions outside the several
states, territories and possessions of the United States and is not otherwise required to be registered, qualified, or a member
of FINRA as set forth in the preceding paragraph, the Authorized Participant nevertheless represents and warrants that it shall
observe the applicable laws of the jurisdiction in which such offer and/or sale is made and to conduct its business in accordance
with the FINRA Conduct Rules, to the extent the foregoing relates to the Authorized Participant&rsquo;s transactions in, and activities
with respect to, Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.09.&nbsp;<U>Compliance with U.S.A PATRIOT Act</U>. The Authorized Participant represents and warrants that it is in compliance
with the money laundering and related provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism Act of 2001 (the &ldquo;USA PATRIOT Act&rdquo;), and the regulations promulgated thereunder,
if the Authorized Participant is subject to the requirements of the USA PATRIOT Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.10. <U>Money Laundering and Similar Activities. </U>The Authorized Participant represents and warrants that it shall act in
a manner consistent with all applicable laws concerning money laundering and similar activities. In furtherance of such efforts,
the Authorized Participant shall not mention or send any materials related to the Trust to any prospective investor, unless, to
the Authorized Participant&rsquo;s knowledge, on the basis of the Authorized Participant&rsquo;s prior relationship with the prospective
investor: (i)&nbsp;none of the Ethereum, cash or any other property that would be paid to the Authorized Participant in connection
with an investment in the Trust, would be derived from, or related to, any activity that is deemed criminal under the United States
law or any other applicable law, including anti-corruption laws, anti-bribery laws, OFAC regulations or otherwise; and (ii)&nbsp;no
contribution or payment to the Authorized Participant in connection with an investment in the Trust by such prospective investor
would cause the Trust or the Sponsor to be in violation of the United States Bank Secrecy Act, the United States Money Laundering
Control Act of 1986 or the United States International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.11.&nbsp;<U>Authorized Participant Status</U>.&nbsp;&nbsp;The Authorized Participant understands and acknowledges that the method
by which Baskets of Shares will be created and traded may raise certain issues under applicable securities laws.&nbsp;&nbsp;For
example, because new Baskets of Shares may be issued and sold by the Trust on an ongoing basis, at any point a &ldquo;distribution&rdquo;,
as such term is used in the 1933 Act, may occur. In addition, the Authorized Participant understands and acknowledges that the
proposed method by which Baskets will be created and redeemed for Ethereum may raise certain issues under applicable laws or the
Authorized Participant&rsquo;s FINRA member agreement, if applicable, or federal or state money services business laws. The Authorized
Participant should consult with its own counsel in connection with entering into this Agreement and submitting a Purchase Order
or Redemption Order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3.12. Authorized Participant Clients. The Authorized Participant represents and warrants that (a) it will not place a Redemption
Order for the purpose of redeeming Baskets of the Trust on behalf of an Authorized Participant Client unless it first ascertains
that the Authorized Participant Client owns outright or has full legal authority and legal and beneficial right to tender for
redemption the Baskets to be redeemed and to receive the Basket Amount or Required Cash Amount, as applicable, associated with
such redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
IV</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROLE
OF AUTHORIZED PARTICIPANT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.01.&nbsp;<U>No Agency</U>. The Authorized Participant acknowledges and agrees that for all purposes of the Authorized Participant
Agreement, the Authorized Participant will have no authority to act as agent for the Trust or the Transfer Agent in any matter
or in any respect. The Authorized Participant agrees to make itself and its employees available, upon reasonable request, during
normal business hours to consult with the Transfer Agent, the Sponsor or their designees concerning the performance of the Authorized
Participant&rsquo;s responsibilities under the Authorized Participant Agreement, including, without limitation, the manner in
which the Authorized Participant shall cause the delivery or receipt of Ethereum in connection with a Purchase Order or Redemption
Order, respectively;&nbsp;<I>provided, however</I>, that the Authorized Participant shall be under no obligation to divulge or
otherwise disclose any information that the Authorized Participant reasonably believes (i) the disclosure of which to third parties
is in violation of any applicable law or regulation or is otherwise prohibited, or (ii) is confidential or proprietary in nature.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.02.&nbsp;<U>Rights and Obligations of DTC Participant</U>. The Authorized Participant, as a DTC Participant, agrees that it
shall be bound by all of the obligations of a DTC Participant in addition to any obligations that it undertakes hereunder or in
accordance with the Procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.03.&nbsp;<U>Beneficial Owner&nbsp;Communications</U>. The Authorized Participant agrees (i) subject to any limitations arising
under federal or state securities laws relating to privacy, its internal privacy policies, or other obligations it may have to
its customers, to assist the Transfer Agent or the Sponsor in determining certain information regarding sales of Shares made by
or through the Authorized Participant (including, without limitation, the ownership level of each beneficial owner relating to
positions in Shares that the Authorized Participant may hold as record holder) upon the request of the Transfer Agent or the Sponsor
that is necessary for the Transfer Agent or Sponsor to comply with their obligations to distribute information to beneficial owners
of Shares under applicable state or federal securities laws or (ii) in lieu thereof, and at the option of the Authorized Participant,&nbsp;to
forward to such beneficial owners written materials and communications received from the Sponsor or the Transfer Agent in sufficient
quantities to allow mailing thereof to such beneficial owners, including notices, annual reports, disclosure or other informational
materials and any amendments or supplements thereto that may be required to be sent by the Sponsor or the Transfer Agent to such
beneficial owners pursuant applicable law or regulation or otherwise, or that the Sponsor or the Transfer Agent reasonably wishes
to distribute to such beneficial owners, in each case at the expense of the Sponsor and/or the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.04.&nbsp;<U>Authorized Participant Customer Information</U>.&nbsp;&nbsp;The Sponsor and the Transfer Agent agree that the names
and addresses and other information concerning the Authorized Participant&rsquo;s customers are and shall remain the sole property
of the Authorized Participant, and none of the Sponsor, the Trust, or the Transfer Agent, or any of their respective affiliates
shall use such names, addresses or other information for any purpose except in connection with the performance of their duties
and responsibilities under the Authorized Participant Agreement, the Procedures, the Standard Terms and the applicable Prospectus
and except for servicing and informational mailings related to the Trust referred to in Section 4.03 above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
V</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MARKETING
MATERIALS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.01.&nbsp;<U>Authorized Participant&rsquo;s Representation</U>. The Authorized Participant represents, warrants and agrees that,
in connection with any sale or solicitation of a sale of Shares, it will not make, or permit any of its representatives to make
on its behalf, any representations concerning Shares other than those not inconsistent with the Trust&rsquo;s then current Prospectus
or any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor. The Authorized Participant
agrees not to furnish or cause to be furnished to any person or display or publish any information or materials relating to Shares
(excluding, without limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements,
posters, signs or other similar materials not inconsistent with the Trust&rsquo;s then current Prospectus and in accordance with
applicable laws and regulations, and any materials prepared and used for the Authorized Participant&rsquo;s internal use only
or brokerage communications prepared by the Authorized Participant in the normal course of its business), except such information
and materials as may be furnished to the Authorized Participant by the Sponsor and such other information and materials as may
be approved in writing by the Sponsor. The Authorized Participant understands that the Trust will not be advertised as offering
redeemable securities, and that any advertising materials will prominently disclose that the Shares are not redeemable units of
beneficial interest in the Trust. Notwithstanding the foregoing, the Authorized Participant and its Affiliates and representatives
may, without the approval of the Sponsor, prepare and circulate in the regular course of their respective businesses, research,
reports, marketing materials, sales literature or similar materials that include information, opinions or recommendations relating
to Shares (i) for public dissemination, provided that such reports, research, marketing materials, sales literature or other similar
materials comply with applicable FINRA rules and (ii) for internal use by the Authorized Participant and its Affiliates and representatives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.02.&nbsp;<U>Prospectus</U>. The Sponsor will provide, or cause to be provided, to the Authorized Participant copies of the then
current Prospectus and any printed supplemental information in reasonable quantities upon request.&nbsp;&nbsp;The Sponsor will,
as promptly as practicable under the circumstances, notify the Authorized Participant when a revised, supplemented or amended
Prospectus for the Shares is available, and deliver or otherwise make available to the Authorized Participant copies of such revised,
supplemented or amended Prospectus at such time and in such quantities as may be reasonable to permit the Authorized Participant
to comply with any obligation the Authorized Participant may have to deliver such Prospectus to its customers.&nbsp;&nbsp;The
Sponsor will make such revised, supplemented or amended Prospectus available to the Authorized Participant no later than its effective
date.&nbsp;&nbsp;The Sponsor shall be deemed to have complied with this Section 5.02 when the Authorized Participant has received
such revised, supplemented or amended Prospectus by e-mail, in printable form, with such number of hard copies as may be agreed
from time to time by the parties promptly thereafter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
VI</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEMNIFICATION;
LIMITATION OF LIABILITY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.01.&nbsp;<U>Indemnification</U>. The provisions of this Section 6.01 shall survive termination of the Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Authorized Participant shall indemnify and hold harmless the Sponsor, in its capacity as sponsor of the applicable Trust, the
Transfer Agent, the Custodian, the Trust and their respective Affiliates, subsidiaries, directors, officers, employees and agents,
and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each an &ldquo;<B>AP</B>&nbsp;<B>Indemnified
Party</B>&rdquo;) from and against any loss, liability, cost and expense (including reasonable attorneys&rsquo; fees) incurred
by such AP Indemnified Party as a result of (i) any breach by the Authorized Participant of any&nbsp;provision of the Authorized
Participant Agreement that relates to the Authorized Participant; (ii) any failure on the part of the Authorized Participant to
perform any of its obligations or comply with the procedures set forth in the Authorized Participant Agreement&nbsp;applicable
to it; (iii) any failure by the Authorized Participant to comply in all material respects with applicable laws, including rules
and regulations of self-regulatory organizations to the extent such&nbsp;&nbsp;laws, rules and regulations are applicable to the
transactions being undertaken pursuant to the Authorized Participant Agreement; or (iv) actions of such AP Indemnified Party pursuant
to any instructions issued in accordance with&nbsp;the relevant Prospectus, Authorized Participant Agreement, the Procedures,
or the Standard Terms reasonably believed by the AP Indemnified Party to be genuine&nbsp;and to have been given by the Authorized
Participant&nbsp;except to the extent that the Authorized Participant had previously provided written revocation of a PIN Number
used in giving such instructions or representations (where applicable) and such revocation was given by the Authorized Participant
and received by the Transfer Agent in accordance with the terms of Section 2.03 hereto.&nbsp;&nbsp;The Authorized Participant
shall not be liable under its indemnity agreement contained in this paragraph with respect to any claim made against any AP Indemnified
Party unless the AP Indemnified Party shall have notified the Authorized Participant in writing of the claim within a reasonable
time after the summons or other first written notification giving information of the nature of the claim was served upon the AP
Indemnified Party (or after the AP Indemnified Party shall have received notice of service on any designated agent).&nbsp;&nbsp;However,
failure to notify the Authorized Participant of any claim shall not relieve the Authorized Participant from any liability which
it may have to any AP Indemnified Party against whom such action is brought otherwise than on account of its indemnity agreement
contained in this paragraph and shall only release it from such liability under this paragraph to the extent it has been materially
prejudiced by such failure to give notice.&nbsp;&nbsp;The Authorized Participant shall be entitled to participate at its own expense
in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any claims, but if the Authorized Participant
elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the AP Indemnified Parties
in the suit and who shall not, except with consent of the AP Indemnified Parties, be counsel to the Authorized Participant.&nbsp;&nbsp;If
the Authorized Participant does not elect to assume the defense of any suit, it will reimburse the AP Indemnified Parties in the
suit for the reasonable fees and expenses of any counsel retained by them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor&nbsp;hereby agrees to indemnify and hold harmless the Authorized Participant, its Affiliates, subsidiaries, directors,
officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933
Act (each a &ldquo;<B>Sponsor Indemnified Party</B>&rdquo;) from and against any loss, liability, cost and expense (including
reasonable attorneys&rsquo; fees) incurred by such Sponsor Indemnified Party as a result of (i)&nbsp;any breach by the Sponsor
of any provision of the Authorized Participant Agreement that relates to the Sponsor; (ii) any failure on the part of the Sponsor
to perform any of its obligations or comply with the procedures set forth in the Authorized Participant Agreement applicable to
it; (iii) any failure on the part of the Sponsor to comply in all material respects with applicable laws, including rules and
regulations of self-regulatory organizations&nbsp;to the extent such&nbsp;&nbsp;laws, rules and regulations are applicable to
the transactions being undertaken pursuant to the Authorized Participant Agreement; (iv) actions of such Sponsor Indemnified Party
pursuant to any instructions issued or representations made in accordance with the relevant Prospectus, Authorized Participant
Agreement, the Procedures, or the Standard Terms reasonably believed by the Sponsor Indemnified Party to be genuine and to have
been given by the Sponsor; or (v) any untrue statements or omissions made in any promotional material or sales literature furnished
to the Authorized Participant by the Sponsor or otherwise approved in writing by the Sponsor.&nbsp;&nbsp;The Sponsor shall not
be liable under its indemnity agreement contained in this paragraph with respect to any claim made against any Sponsor Indemnified
Party unless the Sponsor Indemnified Party shall have notified the Sponsor in writing of the claim within a reasonable time after
the summons or other first written notification giving information of the nature of the claim shall have been served upon the
Sponsor Indemnified Party (or after the Sponsor Indemnified Party shall have received notice of service on any designated agent).&nbsp;&nbsp;However,
failure to notify the Sponsor of any claim shall not relieve the Sponsor from any liability which it may have to any Sponsor Indemnified
Party against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph and
shall only release it from such liability under this paragraph to the extent it has been materially prejudiced by such failure
to give notice.&nbsp;&nbsp;The Sponsor shall be entitled to participate at its own expense in the defense, or, if it so elects,
to assume the defense of any suit brought to enforce any claims, but if the Sponsor elects to assume the defense, the defense
shall be conducted by counsel chosen by it and satisfactory to the Sponsor Indemnified Parties in the suit and who shall not,
except with the consent of the Sponsor Indemnified Parties, be counsel to the Sponsor.&nbsp;&nbsp;If the Sponsor does not elect
to assume the defense of any suit, it will reimburse the Sponsor Indemnified Parties in the suit for the reasonable fees and expenses
of any counsel retained by them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
indemnifying party, as described in paragraphs (a) and (b) above, shall, without the written consent of the AP Indemnified Party
or the Sponsor Indemnified Party, as the case may be, effect the settlement or compromise of, or consent to the entry of any judgment
with respect to, any pending or threatened action or claim in respect of which indemnification may be sought hereunder (whether
or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment
(i) includes an unconditional release of the AP Indemnified Party or Sponsor Indemnified Party, as the case may be, from all liability
arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure
to act, by or on behalf of any AP Indemnified Party or Sponsor Indemnified Party, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Authorized Participant shall not be liable to any AP Indemnified Party for any damages arising out of (i) mistakes or errors in
data provided in connection with purchase or redemption transactions except for data provided by the Authorized Participant, or
(ii) mistakes or errors by, or arising out of interruptions or delays of communications with, the Transfer Agent or any AP Indemnified
Party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
with respect to any mistakes or errors in data provided in connection with purchase or redemption transactions provided by the
Authorized Participant, the indemnification provided for&nbsp;in&nbsp;Section 6.01(a) shall not apply to the extent any such losses,
liabilities, damages, costs and expenses are incurred as a result of any fraud, gross negligence, bad faith or&nbsp;reckless or&nbsp;willful
misconduct on the part of an AP Indemnified Party.&nbsp;&nbsp;Except with respect to any mistakes or errors in data provided in
connection with purchase or redemption transactions provided by a Sponsor Indemnified Party, the indemnification provided for&nbsp;in&nbsp;Section
6.01(b) shall not apply to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result of any
fraud, gross negligence, bad faith or&nbsp;reckless or&nbsp;willful misconduct on the part of a Sponsor Indemnified Party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indemnity agreements contained in this Section 6.01 shall remain in full force and effect and shall survive any termination of
this Agreement. The Sponsor and the Authorized Participant agree promptly to notify each other of the commencement of any Proceeding
against it and against any of their officers or directors in connection with the issuance and sale of the Shares or in connection
with the registration statement or the relevant Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
VII</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIABILITY
PROVISIONS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.01. <U>No Special Damages</U>. In the absence of gross negligence, bad faith or willful misconduct, in no event shall any Party
to these Standard Terms be liable for any special, indirect, incidental, exemplary, punitive or consequential loss or damage of
any kind whatsoever (including, but not limited to, loss of revenue, loss of actual or anticipated profit, loss of contracts,
loss of the use of money, loss of anticipated savings, loss of business, loss of opportunity, loss of market share, loss of goodwill
or loss of reputation), even if such parties have been advised if the likelihood of such loss or damages and regardless of the
form of action. In no event shall any party be liable for the acts or omissions of DTTC, NSCC or any other securities depository
or clearing corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.02. <U>Force Majeure</U>. No party to these Standard Terms shall be responsible or liable for any failure or delay in the performance
of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable
control, including, without limitation: acts of God; earthquakes; fires; floods; wars; civil or military disturbances; terrorism;
sabotage; epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communications
service; failures or outages of any networks; accidents; labor disputes; acts of civil or military authority or governmental actions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.03. <U>Reliance on Instructions</U>. The Transfer Agent may conclusively rely upon, and shall be fully protected in acting or
refraining from acting upon, any communication authorized under these Standard Terms and upon any written or oral instruction,
notice, request, direction or consent reasonably believed by it to be genuine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.04. <U>Limited Liability</U>. In the absence of fraud, bad faith, gross negligence or willful misconduct on its part, the Transfer
Agent, whether acting directly or through agents, affiliates or attorneys, shall not be liable for any action taken, suffered
or omitted or for any error of judgment made by it in the performance of its duties hereunder. The Transfer Agent shall not be
liable for any error of judgment made in good faith unless in exercising such, it shall have been grossly negligent in ascertaining
the pertinent facts necessary to make such judgment. The Transfer Agent shall not be required to advance, expend or risk its own
funds or otherwise incur or become exposed to financial liability in the performance of its duties hereunder, except as may be
required as a result of its own fraud, bad faith, gross negligence or willful misconduct.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
VIII</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MISCELLANEOUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8.01.&nbsp;<U>Commencement&nbsp;of Trading</U>. The Authorized Participant may not submit an Order prior to the effectiveness
of the registration statement, or amendment to the registration statement, filed with the Securities and Exchange Commission and
pursuant to which the Authorized Participant is identified as such in the relevant Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8.02. <U>Defined Terms</U>. All capitalized terms used in these Standard Terms and not otherwise defined herein shall have the
meanings ascribed to such terms in the Authorized Participant Agreement and the Procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[<I>Signatures
Follow on Next Page</I>]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B>, the Trust, Authorized Participant, the Sponsor and the Transfer Agent have executed these&nbsp; Standard
Terms as of the date set forth above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BITWISE
ETHEREUM ETF</B>,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the Bitwise Ethereum ETF</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BITWISE
INVESTMENT ADVISERS, LLC</B>, in its capacity as Sponsor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</B>,
in its capacity as Authorized Participant</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
BANK OF&nbsp;NEW&nbsp;YORK&nbsp;MELLON</B>, in its capacity as Transfer Agent</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Signature page to Standard Terms</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
3 : AUTHORIZED REPRESENTATIVES OF THE AUTHORIZED PARTICIPANT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Certificate
of Authorized Representatives of the Authorized Participant</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are the names, titles and signatures of all persons (each an &ldquo;Authorized Person&rdquo;) authorized to give instructions
relating to any activity contemplated by the Participant Agreement or any other notice, request or instruction on behalf of the
Authorized Participant pursuant to the Participant Agreement (as hereinafter defined).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized&nbsp;Participant:</FONT></TD>
    <TD STYLE="width: 74%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">________________________________</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-mail:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone:</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned,&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;[name],&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;[title]
of&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;[company],
does hereby certify that the persons listed above have been duly elected to the offices set forth beneath their names, that they
presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to the Participant Agreement
by and among [<I>Name of Authorized Participant</I>], each of Bitwise Ethereum ETF and Bitwise Investment Advisers, LLC, dated&nbsp;[___________]
(the &ldquo;Participant Agreement&rdquo;), and that their signatures set forth above are their own true and genuine signatures.<BR STYLE="clear: both"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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Witness Whereof, the undersigned has hereby caused this Agreement to be executed on the date set forth below.</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="text-indent: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-indent: 0in; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="text-indent: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="text-indent: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="text-indent: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-indent: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-indent: 0in; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="text-indent: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="text-indent: 0in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="text-indent: 0in; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>7
<FILENAME>ex10-3.htm
<DESCRIPTION>MARKETING AGREEMENT
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="bitwise-s1a_053124.htm">Bitwise Ethereum ETF S-1/A</A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MARKETING
AGENT AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
AGREEMENT is made and entered into as of this 30<SUP>th</SUP> day of May 2024, by and between Bitwise Ethereum ETF, a Delaware
statutory trust (the &ldquo;Trust&rdquo;), which is sponsored by Bitwise Investment Advisers, LLC, a Delaware limited liability
company (the &ldquo;Sponsor&rdquo;), and Foreside Fund Services, LLC, a Delaware limited liability company (&ldquo;ACA Foreside&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Trust is a statutory trust organized under the laws of the State of Delaware;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Trust filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) a Registration Statement for the Trust
under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Trust intends to create and redeem shares of beneficial interest in the Trust (the &ldquo;Shares&rdquo;) only in creation
unit aggregations (&ldquo;Creation Unit&rdquo;) on a continuous basis, and list the Shares on one or more national securities
exchanges;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Trust desires to retain ACA Foreside to provide certain services in connection with the offering of the Shares (as amended
from time to time);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
ACA Foreside is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;),
and is a member of the Financial Industry Regulatory Authority, Inc. (&ldquo;FINRA&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
the Trust desires to retain ACA Foreside to provide certain services to the Trust; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS</B>,
ACA Foreside is willing to provide certain services for the Trust on the terms and conditions hereinafter set forth.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW
THEREFORE</B>, in consideration of the promises and mutual covenants herein contained, and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Services.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACA
Foreside agrees to serve as the marketing agent of the Trust on the terms and for the period set forth in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2.</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Definitions</B>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wherever
they are used herein, the following terms have the following respective meanings:</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Prospectus</U>&rdquo;
means the Prospectus and Statement of Additional Information constituting parts of the Registration Statement of the Trust under
the 1933 Act as such Prospectus and Statement of Additional Information may be amended or supplemented and filed with the SEC
from time to time;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Registration
Statement</U>&rdquo; means the registration statement most recently filed from time to time by the Trust with the SEC and effective
under the 1933 Act, as such registration statement is amended by any amendments thereto at the time in effect;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
other capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Registration
Statement and the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Duties
of ACA Foreside</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD><TD STYLE="padding-right: 2pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACA
                                         Foreside shall use commercially reasonable efforts to provide the following services
                                         to the Trust:</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 60pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
                                         the request of the Trust, ACA Foreside shall assist the Trust with facilitating Authorized
                                         Participant Agreements between and among Authorized Participants, the Trust, and the
                                         applicable Transfer Agent, for the creation and redemption of Creation Units of the Trust;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 60pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintain
                                         copies of confirmations of Creation Unit creation and redemption order acceptances and
                                         produce such copies upon reasonable request from the Trust or Sponsor;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 60pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">make
                                         available copies of the Prospectus to Authorized Participants who have purchased Creation
                                         Units in accordance with the Authorized Participant Agreements;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 60pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintain
                                         telephonic, electronic mail and/or access to direct computer communications links with
                                         the Transfer Agent;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 60pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">review
                                         and approve, prior to use, all Trust marketing materials submitted to ACA Foreside for
                                         review by the Trust (&ldquo;Marketing Materials&rdquo;) for compliance with applicable
                                         SEC and FINRA advertising rules, and file all such Marketing Materials required to be
                                         filed with FINRA. ACA Foreside agrees to furnish to the Trust or the Sponsor any comments
                                         provided by FINRA with respect to such Marketing Materials;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 60pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD STYLE="padding-right: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ensure
                                         that all direct requests by Authorized Participants for Prospectuses are fulfilled;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 60pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">work
                                         with the Transfer Agent to review and approve orders placed by Authorized Participants
                                         and transmitted to the Transfer Agent. The Trust <FONT STYLE="font: 10pt Times New Roman, Times, Serif">acknowledges
that ACA Foreside shall not be obligated to approve any certain number of orders for Creation Units; and</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify; padding-right: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         services furnished by ACA Foreside hereunder are not to be deemed exclusive and ACA Foreside
                                         shall be free to furnish similar services to others so long as its services under this
                                         Agreement are not impaired thereby.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Duties
of the Trust</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify; padding-right: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Trust agrees to create, issue, and redeem Creation Units of the Trust in accordance with
                                         the procedures described in the Prospectus. Upon reasonable notice to ACA Foreside, and
                                         in accordance with the procedures described in the Prospectus, the Trust reserves the
                                         right to reject any order for Creation Units or to stop all receipts of such orders at
                                         any time.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Trust shall deliver to ACA Foreside copies of the following documents:</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 60pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         current Prospectus for the Trust;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 60pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; padding-right: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         relevant policies and procedures adopted by the Sponsor or the Trust or its service providers
                                         that are applicable to the services provided by ACA Foreside; and</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 60pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="padding-right: 3pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         other documents, materials or information that ACA Foreside shall reasonably request
                                         to enable it to perform its duties pursuant to this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</FONT></TD><TD STYLE="padding-right: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Trust shall thereafter deliver to ACA Foreside as soon as is reasonably practical any
                                         and all amendments to the documents required to be delivered under this Section.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</FONT></TD><TD STYLE="text-align: justify; padding-right: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Trust shall arrange to provide the listing exchanges with copies of Prospectuses, Statements
                                         of Additional Information, and product descriptions that are required to be provided
                                         by the Trust to purchasers in the secondary market.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</FONT></TD><TD STYLE="text-align: justify; padding-right: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Trust will make it known that Prospectuses and Statements of Additional Information and
                                         product descriptions are available by making sure such disclosures are in all marketing
                                         and advertising materials prepared by the Trust.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Representations,
                                         Warranties and Covenants of the Client.</B></FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust hereby represents and warrants to ACA Foreside, which representations and warranties shall be deemed to be continuing
throughout the term of this Agreement, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="padding-right: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         is duly organized and in good standing under the laws of its jurisdiction of organization;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">this
                                         Agreement has been duly authorized, executed and delivered by the Trust and, when executed
                                         and delivered, will constitute a valid and legally binding obligation of the Trust, enforceable
                                         in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium
                                         and other laws of general application affecting the rights and remedies of creditors
                                         and secured parties;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         is conducting its business in compliance in all material respects with all applicable
                                         laws and regulations, both state and federal, and has obtained all regulatory approvals
                                         necessary to carry on its business as now conducted;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Trust&rsquo;s Registration Statement and the Trust&rsquo;s Prospectus, and marketing
                                         and promotional literature have been prepared, in all material respects, in conformity
                                         with the requirements of the 1933 Act and SEC rules and regulations;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Trust&rsquo;s Registration Statement (including its statement of additional information)
                                         and Prospectus do not and shall not contain any untrue statement of material fact or
                                         omit to state any material fact required to be stated therein or necessary to make the
                                         statements therein not misleading, and that all statements or information furnished to
                                         ACA Foreside pursuant to this Agreement shall be true and correct in all material respects;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                         marketing or promotional literature shall contain all statements required to be stated
                                         therein in accordance with the 1933 Act and SEC rules and regulations; and do not and
                                         shall not contain any untrue statement of material fact or omit to state any material
                                         fact required to be stated therein or necessary to make the statements therein not misleading;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                         necessary approvals, authorizations, consents, or orders of or filings with any federal,
                                         state, local or foreign governmental or regulatory commission, board, body, authority
                                         or agency have been or will be obtained by the Trust in connection with the issuance
                                         and sale of the Shares, including registration of the Shares under the 1933 Act, and
                                         any necessary qualification under the securities or blue-sky laws of the various jurisdictions
                                         in which the Shares are being offered.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust shall fully cooperate in the efforts of ACA Foreside in the provision of the services. In addition, the Trust shall
keep ACA Foreside fully informed of its affairs as they relate to the Trust and shall provide to ACA Foreside from time-to-time
copies of all information that ACA Foreside may reasonably request for use in connection with the provision of the Services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Representations,
                                         Warranties and Covenants of ACA Foreside.</B></FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACA Foreside hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be continuing
throughout the term of this Agreement, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         is duly organized and existing under the laws of the jurisdiction of its organization,
                                         with full power to carry on its business as now conducted, to enter into this Agreement
                                         and to perform its obligations hereunder;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">this
                                         Agreement has been duly authorized, executed and delivered by ACA Foreside and, when
                                         executed and delivered, will constitute a valid and legally binding obligation of ACA
                                         Foreside, enforceable in accordance with its terms, subject to <FONT STYLE="font: 10pt Times New Roman, Times, Serif">bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and
secured parties;</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         is conducting its business in compliance in all material respects with all applicable
                                         laws and regulations, both state and federal, and has obtained all regulatory approvals
                                         necessary to carry on its business as now conducted; and</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         is registered as a broker-dealer under the 1934 Act and is a member in good standing
                                         of FINRA.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Compensation.</B></FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
compensation for the services performed by ACA Foreside under this Agreement, Trust shall pay to ACA Foreside the fees and expenses
set forth in Exhibit A hereto (as amended from time to time).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnification.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Trust shall indemnify, defend and hold ACA Foreside, its affiliates and each of their
                                         respective members, managers, directors, officers, employees, representatives and any
                                         person who controls or previously controlled ACA Foreside within the meaning of Section
                                         15 of the 1933 Act (collectively, the &ldquo;ACA Foreside Indemnitees&rdquo;), free and
                                         harmless from and against any and all losses, claims, demands, liabilities, damages and
                                         expenses (including the costs of investigating or defending any alleged losses, claims,
                                         demands, liabilities, damages or expenses and any reasonable counsel fees incurred in
                                         connection therewith) (collectively, &ldquo;Losses&rdquo;) that any ACA Foreside Indemnitee
                                         may incur arising out of or relating to (i) the Trust&rsquo;s breach of any of its obligations,
                                         representations, warranties or covenants contained in this Agreement; (ii) the Trust&rsquo;s
                                         failure to comply in all material respects with any applicable laws, rules or regulations;
                                         or (iii) any claim that the Prospectus, marketing literature and advertising materials
                                         or other information filed or made public by the Trust (as from time to time amended)
                                         includes or included an untrue statement of a material fact or omits or omitted to state
                                         a material fact required to be stated therein or necessary in order to make the statements
                                         therein not misleading provided, however, that the Trust&rsquo;s obligation to indemnify
                                         any of the ACA Foreside Indemnitees shall not be deemed to cover any Losses arising out
                                         of any untrue statement or alleged untrue statement or omission or alleged omission made
                                         in the Prospectus or any such advertising materials or marketing literature or other
                                         information filed or made public by the Trust in reliance upon and in conformity with
                                         information provided by ACA Foreside to the Trust, in writing, for use in such Prospectus
                                         or any such advertising materials or marketing literature.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACA
                                         Foreside shall indemnify, defend and hold the Trust, its affiliates, and each of their
                                         respective directors, officers, employees, representatives, and any person who controls
                                         or previously controlled the Trust within the meaning of Section 15 of the 1933 Act (collectively,
                                         the &ldquo;Trust Indemnitees&rdquo;), free and harmless from and against any and all
                                         Losses that any Trust Indemnitee may incur under the 1933 Act, the 1934 Act, any other
                                         statute (including Blue Sky laws) or any rule or regulation thereunder, or under common
                                         law or otherwise, arising out of or relating to (i) ACA Foreside&rsquo;s breach of any
                                         of its obligations, representations, warranties or covenants contained in this Agreement;
                                         (ii) ACA Foreside&rsquo;s failure to comply in all material respects with any applicable
                                         laws, rules, or regulations; or (iii) any claim that the Prospectus, marketing literature
                                         and advertising materials or other information filed or made public by the Trust (as
                                         from time to time amended) include or included an untrue statement of a material fact
                                         or omitted to state a material fact required to be stated therein or necessary in order
                                         to make the statements therein not misleading, insofar as such statement or omission
                                         was made in reliance upon, and in conformity with information furnished to the Trust
                                         by ACA Foreside, in writing, for use in such Prospectus, marketing literature and advertising
                                         materials or other information filed or made public by the Trust.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         no case (i) is the indemnification provided by an indemnifying party to be deemed to
                                         protect against any liability the indemnified party would otherwise be subject to by
                                         reason of willful misfeasance, bad faith or gross negligence in the performance of its
                                         duties or by reason of its reckless disregard of its obligations and duties under this
                                         Agreement, or (ii) is the indemnifying party to be liable under this Section with respect
                                         to any claim made against any indemnified party unless the indemnified party notifies
                                         the indemnifying party in writing of the claim within a reasonable time after the summons
                                         or other first written notification giving information of the nature of the claim shall
                                         have been served upon the indemnified party (or after the indemnified party shall have
                                         received notice of service on any designated agent).</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
                                         to notify the indemnifying party of any claim shall not relieve the indemnifying party
                                         from any liability that it may have to the indemnified party against whom such action
                                         is brought, on account of this Section, unless failure or delay to so notify the indemnifying
                                         party prejudices the indemnifying party&rsquo;s ability to defend against such claim.
                                         The indemnifying party shall be entitled to participate at its own expense in the defense
                                         or, if it so elects, to assume the defense of any suit brought to enforce the claim,
                                         but if the indemnifying party elects to assume the defense, the defense shall be conducted
                                         by counsel chosen by it and satisfactory to the indemnified party. In the event that
                                         indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified
                                         party shall bear the fees and expenses of any additional counsel retained by them. If
                                         the indemnifying party does not elect to assume the defense of any suit, it will reimburse
                                         the indemnified party for the reasonable fees and expenses of any counsel retained by
                                         them. The indemnifying party agrees to notify the indemnified party promptly of the commencement
                                         of any litigation or proceedings against it or any of its officers or directors in connection
                                         with the purchase or redemption of any of the Creation Units or the Shares.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</FONT></TD><TD STYLE="text-align: justify; padding-right: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
                                         indemnified party shall settle any claim against it for which it intends to seek indemnification
                                         from the indemnifying party, under the terms of section 8(a) or 8(b) above, without prior
                                         written notice to and consent from the indemnifying party, which consent shall not be
                                         unreasonably withheld. No indemnified or indemnifying party shall settle any <FONT STYLE="font: 10pt Times New Roman, Times, Serif">claim
unless the settlement contains a full release of liability with respect to the other party in respect of such action. This section
8 shall survive the termination of this Agreement.</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Limitations
on Damages.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
Party shall be liable for any consequential, special or indirect losses or damages suffered by the other Party, whether or not
the likelihood of such losses or damages was known by the Party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Force
Majeure.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason
of circumstances beyond its reasonable control, including, without limitation, Acts of Nature (including fire, flood, earthquake,
storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war;
terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption, loss or malfunction of utilities,
transportation, computer or communications capabilities, and the other party shall have no right to terminate this Agreement in
such circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Duration
and Termination.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         Agreement shall become effective as of the date first set forth above. Unless sooner
                                         terminated as provided herein, this Agreement shall continue in effect for two years
                                         from the date hereof. Thereafter, if not terminated, this Agreement shall continue automatically
                                         in effect for successive one-year periods.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</FONT></TD><TD STYLE="padding-right: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
                                         the foregoing, this Agreement may be terminated, without the payment of any penalty,
                                         upon no less than sixty (60) days&rsquo; written notice by either party.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidentiality.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the term of this Agreement, ACA Foreside and the Trust may have access to non-public confidential information relating to such
matters as either party&rsquo;s business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients.
As used in this Agreement, &ldquo;<U>Confidential Information</U>&rdquo; means non-public or proprietary information belonging
to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage
to such party. Confidential Information includes non-public or proprietary information that may be financial information, proposals
and presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs,
processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities
(such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed
by either party in the course of engaging in the activities provided for in this Agreement, unless: (i) the information is or
becomes publicly known through lawful means; (ii) the information is disclosed to the other party without a confidential restriction
by a third party who rightfully possesses the information and did not obtain it, either directly or indirectly, from one of the
parties, as the case may be, or any of their respective principals, employees, affiliated persons, or affiliated entities. The
parties understand and agree that all Confidential Information shall be kept confidential by the other both during and after the
term of this Agreement. Each party shall maintain commercially reasonable information security policies and procedures for protecting
Confidential Information. The parties further agree that they will not, without the prior written approval by the other party,
disclose such Confidential Information, or use such Confidential Information in any way, either during the term of this Agreement
or at any time thereafter, except (i) as required in the course of this Agreement, (ii) as provided by the other party, or (iii)
as required by applicable law, rule, or regulation or (iv) in response to (A) a routine self-regulatory examination or (B) a request
for information directed at the receiving party. In the event Distributor becomes aware of critical vulnerabilities in any of
its proprietary system(s) in which the Trust&rsquo;s data is stored or through which the Trust&rsquo;s data can be accessed, Distributor
will use commercially reasonable efforts to mitigate material risks related to such vulnerabilities within 30 days or as promptly
thereafter as reasonably practicable.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
notice required or permitted to be given hereunder by either party to the other shall be deemed sufficiently given if in writing
and personally delivered or sent by electronic mail, or registered, certified or overnight mail, postage prepaid, addressed by
the party giving such notice to the other party at the address furnished below unless and until modified by ACA Foreside or the
Trust, as the case may be. Notice shall be given to each party at the following address, as amended from time to time:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #D9D9D9; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 45%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
    <B>To ACA Foreside:</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 48%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
    <B>If to the Trust:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreside
    Fund Services, LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitwise
    Ethereum ETF</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Three
    Canal Plaza, Suite 100</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c/o
    Bitwise Investment Advisers, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portland,
    ME 04101</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">250&nbsp;&nbsp;Montgomery&nbsp;&nbsp;Street,&nbsp;&nbsp;Suite&nbsp;&nbsp;200</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
    Legal Department</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San
    Francisco, CA 94104</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:
    (207) 553-7110</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
    Katherine Dowling</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:
    legal@foreside.com</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 80pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
    a copy to:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 80pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">etp-services@Foreside.com</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #E7E6E6; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>With
    a copy to Sponsor:</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: #E7E6E6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitwise
    Investment Advisers, LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">250&nbsp;Montgomery&nbsp;Street,&nbsp;Suite</FONT> 200</TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San
    Francisco, CA 94104</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
    Katherine Dowling</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:
    <BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Email: </FONT></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 188pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: Red; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transfer
                                         Agent</B></FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACA
Foreside and the Trust agree that in the course of ACA Foreside&rsquo;s services that ACA Foreside may need information from time
to time from the transfer agent (&ldquo;Transfer Agent&rdquo;) as depicted below. The Trust shall promptly notify ACA Foreside
in writing of any changes to the Transfer Agent or its contact information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
BANK OF NEW YORK MELLON, 240 Greenwich Street, New York, New York 10286</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.&nbsp;
Modifications.</B> The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever
except by a written instrument signed by ACA Foreside and the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing Law.</B> This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to the
conflicts of law principles thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignment.</B> This Agreement may not be assigned by either party without the prior written consent of the other party. This
Agreement shall be binding upon and inure to the benefit of the parties&rsquo; representatives, successors, heirs, and permitted
assigns, as applicable. A change in control shall not be construed to be an assignment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Survival.</B> The provisions of Sections 8, 9, 10, 12, 15, 18, 19 and 21 of this Agreement shall survive any termination of this
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anti-Money Laundering.</B> ACA Foreside and Trust both represent and warrant to the other that it has, and shall maintain, an
anti-money laundering program (&ldquo;AML Program&rdquo;) that, at a minimum, (i) designates a compliance officer to administer
and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the
effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its particular
business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction
reports and suspicious activity reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books
and records.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous.
</B>The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions
hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined by competent
authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement shall be construed
as if drafted jointly by both ACA Foreside and the Trust and no presumptions shall arise favoring any party by virtue of authorship
of any provision of this Agreement. This Agreement may be executed by the parties hereto in any number of counterparts, and all
of the counterparts taken together shall be deemed to constitute one and the same document. Nothing herein contained shall prevent
ACA Foreside from entering into similar distribution arrangements or from providing the services contemplated hereunder to other
investment companies or investment vehicles. This Agreement has been negotiated and executed by the parties in English. In the
event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version
shall prevail.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liability
                                         of Sponsor</B>. It is expressly understood and agreed by ACA Foreside that:</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this Agreement is executed and delivered on behalf of the Trust by the Sponsor, not individually or personally, but solely as
Sponsor of the Trust in the exercise of the powers and authority conferred and vested in it;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the representations, covenants, undertakings and agreements herein made on the part of the Trust are made and intended not as
personal representations, undertakings and agreements by the Sponsor but are made and intended for the purpose of binding only
the Trust;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nothing herein contained shall be construed as creating any liability on the Sponsor, individually or personally, to perform any
covenant of the Trust either expressed or implied contained herein, all such liability, if any, being expressly waived by the
parties hereto and by any person claiming by, through or under the parties hereto; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
under no circumstances shall the Sponsor be personally liable for the payment of any indebtedness or expenses of the Trust or
be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made or undertaken by the Trust
under this Agreement or any other related document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.&nbsp;&nbsp;
Entire Agreement.</B> This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
hereto, and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether
oral or written.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts
as of the date first above written.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Foreside
Fund Services, LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 34%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></P>
</TD></TR>

<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Bitwise
Investment Advisers, LLC</B>, Sponsor, on<BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">behalf
of the Bitwise Ethereum ETF</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:
</FONT></P>

</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>8
<FILENAME>ex10-4.htm
<DESCRIPTION>PRIME EXECUTION AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="bitwise-s1a_053124.htm">Bitwise Ethereum ETF S-1/A</A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: red; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(29,29,27)"><B>Exhibit
10.4</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COINBASE
PRIME BROKER AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General
Terms and Conditions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Introduction</B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
agreement (including, the Coinbase Custody Custodial Services Agreement attached hereto as Exhibit A (the &ldquo;<U>Custody Agreement</U>&rdquo;),
the Coinbase Master Trading Agreement attached hereto as Exhibit B (the &ldquo;<U>MTA</U>&rdquo;), and all other exhibits, addenda
and supplements attached hereto or referenced herein, collectively, the &ldquo;<U>Coinbase Prime Broker Agreement</U>&rdquo;),
is entered into by and between Bitwise Investment Advisers, LLC, solely in its capacity as Sponsor of the Bitwise Ethereum ETF
(the &ldquo;<U>Client</U>&rdquo;), and Coinbase, Inc. (&ldquo;<U>Coinbase</U>&rdquo;), on behalf of itself and as agent for Coinbase,
Coinbase Custody Trust Company, LLC (&ldquo;<U>Coinbase Custody</U>&rdquo;), and, as applicable, Coinbase Credit, Inc. (&ldquo;<U>Coinbase
Credit</U>,&rdquo; and collectively with Coinbase and Coinbase Custody, the &ldquo;<U>Coinbase Entities</U>&rdquo;). This Coinbase
Prime Broker Agreement sets forth the terms and conditions pursuant to which the Coinbase Entities will open and maintain the
prime broker account (the &ldquo;<U>Prime Broker Account</U>&rdquo;) for Client and provide services relating to custody, trade
execution, lending or post-trade credit (if applicable), and other services (collectively, the &ldquo;<U>Prime Broker Services</U>&rdquo;)
for certain digital assets (&ldquo;<U>Digital Assets</U>&rdquo;) as set forth herein. Client and the Coinbase Entities (individually
or collectively, as the context requires) may also be referred to as a &ldquo;Party&rdquo;. Capitalized terms not defined in these
General Terms and Conditions (the &ldquo;<U>General Terms</U>&rdquo;) shall have the meanings assigned to them in the respective
exhibit, addendum or supplement. In the event of a conflict between these General Terms and any exhibit, addendum or supplement
hereto, then the document governing the specific relevant Prime Broker Service shall control in respect of such Prime Broker Service.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conflicts
of Interest Acknowledgement</B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
acknowledges that the Coinbase Entities may have actual or potential conflicts of interest in connection with providing the Prime
Broker Services including that (i) Orders (as such term is defined in the MTA) may be routed to Coinbase&rsquo;s exchange platform
where Orders may be executed against other Coinbase customers or with Coinbase acting as principal, (ii) the beneficial identity
of the purchaser or seller with respect to an Order is unknown and therefore may inadvertently be another Coinbase client, (iii)
Coinbase does not engage in front-running, but is aware of Orders or imminent Orders and may execute a trade for its own inventory
(or the account of an affiliate) while in possession of that knowledge and (iv) Coinbase may act in a principal capacity with
respect to certain Orders (<I>e.g.</I>, to fill residual Order size when a portion of an Order may be below the minimum size accepted
by the Connected Trading Venues (as defined in the MTA). As a result of these and other conflicts, the Coinbase Entities may have
an incentive to favor their own interests and the interests of their affiliates over a particular Client&rsquo;s interests and
has in place certain policies and procedures in place that are designed to mitigate such conflicts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Account
Statements</B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
authorizes Coinbase to combine information regarding all Prime Broker Services activities into a single statement. Coinbase will
provide Client with an electronic account statement every month, at a minimum. Each account statement will identify the amount
of cash and each Digital Asset in Client&rsquo;s Prime Broker Account at the end of the period and set forth all Prime Broker
Account activity during that period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Client
Instructions</B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         a written notice to Coinbase, Client may designate persons and/or entities authorized
                                         to act on behalf of Client with respect to the Prime Broker Account (the &ldquo;<U>Authorized
                                         Representative</U>&rdquo;). Upon such designation, Coinbase may rely on the validity
                                         of such appointment until such time as Coinbase
receives Instructions from Client revoking such appointment or designating a new Authorized Representative.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Coinbase Entities may act upon instructions received from Client or Client&rsquo;s Authorized
                                         Representative (&ldquo;<U>Instructions</U>&rdquo;). When taking action upon Instructions,
                                         the applicable Coinbase Entity shall act in a reasonable manner, and in conformance with
                                         the following: (a) Instructions shall continue in full force and effect until executed,
                                         cancelled or superseded; (b) if any Instructions are ambiguous, the applicable Coinbase
                                         Entity shall refuse to execute such Instructions until any such ambiguity has been resolved
                                         to the Coinbase Entity&rsquo;s satisfaction; (c) the Coinbase Entities may refuse to
                                         execute Instructions if in the applicable Coinbase Entity&rsquo;s opinion such Instructions
                                         are outside the scope of its obligations under this Coinbase Prime Broker Agreement or
                                         are contrary to any applicable laws, rules and regulations; and (d) the Coinbase Entities
                                         may rely on any Instructions, notice or other communication believed by it in good faith
                                         to be given by Client or Client&rsquo;s Authorized Representative. Client shall be fully
                                         responsible and liable for, and the Coinbase Entities shall have no liability with respect
                                         to, any and all Claims and Losses arising out of or relating to inaccurate or ambiguous
                                         Instructions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
                                         will comply with the Client&rsquo;s Instructions to stake, stack or vote the Client&rsquo;s
                                         Digital Assets to the extent the applicable Coinbase Entity supports proof of stake validation,
                                         proof of transfer validation, or voting for such Digital Assets. The Coinbase Entities
                                         may, in their sole discretion, decide whether or not to support (or cease supporting)
                                         staking services or stacking or voting for a Digital Asset.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Representations,
Warranties, and Additional Covenants</B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
represents, warrants, and covenants that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         has the full power, authority, and capacity to enter into this Coinbase Prime Broker
                                         Agreement and to engage in transactions with respect to all Digital Assets relating to
                                         the Prime Broker Services;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         the best of Client&rsquo;s knowledge, Client is and shall remain in full compliance with
                                         all applicable laws, rules, and regulations in each jurisdiction in which Client operates
                                         or otherwise uses the Prime Broker Services, including U.S. securities laws and regulations,
                                         as well as any applicable state and federal laws, including AML Laws, USA PATRIOT Act
                                         and Bank Secrecy Act requirements, and other anti-terrorism statutes, regulations, and
                                         conventions of the United States or other international jurisdictions;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         is and shall remain in good standing with all relevant government agencies, departments,
                                         regulatory, and supervisory bodies in all relevant jurisdictions in which Client does
                                         business, and Client will immediately notify Coinbase if Client ceases to be in good
                                         standing with any regulatory authority;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         shall promptly provide information as the Coinbase Entities may reasonably request in
                                         from time to time regarding: (a) Client&rsquo;s policies, procedures, and activities
                                         which relate to the Prime Broker Services, and (b) Client&rsquo;s use of the Prime Broker
                                         Services, in each case to the extent reasonably necessary for the Coinbase Entities to
                                         comply with any applicable laws, rules, and regulations (including money laundering statutes,
                                         regulations and conventions of the United States or other jurisdictions), or the guidance
                                         or direction of, or request from, any regulatory authority or financial institution;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.5</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client&rsquo;s
                                         use of the Prime Broker Services shall be for commercial, business purposes only, limited
                                         to activities disclosed in the due diligence information submitted to Coinbase, and shall
                                         not include any personal, family or household purposes. Client shall promptly notify
                                         Coinbase in writing in the event it intends to use the Prime Broker Services in connection
                                         with any business activities not previously
disclosed to Coinbase. Coinbase may, in its sole discretion, prohibit Client from using the Prime Broker Services in connection
with any business activities not previously disclosed;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.6</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client&rsquo;s
                                         Authorized Representatives have the (a) full power, authority and capacity to access
                                         and use the Prime Broker Services and (b) appropriate sophistication, expertise, and
                                         knowledge necessary to understand the nature and risks, and make informed decisions,
                                         in respect of Digital Assets and the Prime Broker Services;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.7</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         Coinbase Prime Broker Agreement is Client&rsquo;s legal, valid, and binding obligation,
                                         enforceable against it in accordance with its terms;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.8</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         is not a resident in nor organized under the laws of any country with which transactions
                                         or dealings are prohibited by governmental sanctions imposed by the U.S., the United
                                         Nations, the European Union, the United Kingdom, or any other applicable jurisdiction
                                         (collectively, &ldquo;<U>Sanctions Regimes</U>&rdquo;), nor is it owned or controlled
                                         by a person, entity or government prohibited under an applicable Sanctions Regime;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.9</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         has implemented AML and sanctions policies and procedures that are reasonably designed
                                         to comply with applicable AML, anti-terrorist, anti-bribery/corruption, and Sanctions
                                         Regime laws and regulations , including, but not limited to, the Bank Secrecy Act, as
                                         amended by the USA PATRIOT Act (collectively, &ldquo;<U>AML and Sanctions Laws and Regulations</U>&rdquo;).
                                         Client utilizes a third party to establish and maintain its AML and sanctions program
                                         (the &ldquo;Third-Party Program&rdquo;). This Third-Party Program ,includes: (a) a customer
                                         due diligence program designed to identify and verify the identities of Client&rsquo;s
                                         customers; (b) enhanced due diligence on high-risk customers, including but not limited
                                         to customers designated as politically exposed persons or residing in high-risk jurisdictions;
                                         (c) processes to conduct ongoing monitoring of customer transactional activity and report
                                         any activity deemed to be suspicious; (d) ongoing customer sanctions screening against
                                         applicable Sanctions Regimes lists; and (e) processes to maintain records related to
                                         the above controls as required by law;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.10</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         does not maintain any asset in an Account which is derived from any unlawful activity
                                         and it will not instruct or otherwise cause Coinbase to hold any assets or engage in
                                         any transaction that would cause Coinbase to violate applicable laws and regulations,
                                         including applicable AML and Sanctions Laws and Regulations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.11</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
                                         executing this Agreement, Client further provides written consent to allow the Coinbase
                                         Entities to request and obtain any and all beneficial owner information regarding the
                                         Client that is maintained on any national beneficial ownership registry, including, but
                                         not limited to, the Beneficial Ownership Information Registry maintained by the U.S.
                                         Financial Crimes Enforcement Network (&ldquo;FinCEN&rdquo;), in order to assist the Coinbase
                                         Entities in complying with their anti-money laundering and customer due diligence obligations,
                                         with the understanding that the Coinbase Entities will only use such information for
                                         those purposes and will maintain the information pursuant to the confidentiality provisions
                                         of this Agreement; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.12</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
                                         Client advises Coinbase to the contrary in writing, at all times, none of Client&rsquo;s
                                         assets constitute, directly or indirectly, plan assets subject to the fiduciary responsibility
                                         and prohibited transaction sections of the Employment Retirement Income Security Act
                                         of 1974, as amended (&ldquo;<U>ERISA</U>&rdquo;), the prohibited transaction provisions
                                         of the Internal Revenue Code of 1986, as amended, or any federal, state, local or non-U.S.
                                         law that is similar to the prohibited transaction provisions of Section 406 of ERISA
                                         or Section 4975 of the Internal Revenue Code of 1986, as amended, and Client shall immediately
                                         provide Coinbase with a written notice in the event that Client becomes aware that Client
                                         is in breach of the foregoing.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase,
on behalf of itself and each other Coinbase Entity, represents, warrants, and covenants that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.13</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
                                         possesses and will maintain, all licenses, registrations, authorizations and approvals
                                         required by any applicable government agency or regulatory authority for it to operate
                                         its business and provide the
Prime Broker Services;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.14</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
                                         has the full power, authority, and capacity to enter into and be bound by this Coinbase
                                         Prime Broker Agreement; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.15</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                         Coinbase Prime Broker Agreement is its legal, valid and binding obligation, enforceable
                                         against it in accordance with its terms.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No
                                         Investment Advice or Brokerage</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         assumes responsibility for each transaction in or for its Prime Broker Account. Client
                                         understands and agrees that none of the Coinbase Entities are an SEC/FINRA registered
                                         broker-dealer or investment adviser to Client in any respect, and the Coinbase Entities
                                         have no liability, obligation, or responsibility whatsoever for Client decisions relating
                                         to the Prime Broker Services. Client should consult its own legal, tax, investment and
                                         accounting professionals.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
                                         the Coinbase Entities may make certain general information available to Client, the Coinbase
                                         Entities are not providing and will not provide Client with any investment, legal, tax
                                         or accounting advice regarding Client&rsquo;s specific situation. Client is solely responsible,
                                         and shall not rely on the Coinbase Entities, for determining whether any investment,
                                         investment strategy, or transaction involving Digital Assets is appropriate for Client
                                         based on Client&rsquo;s investment objectives, financial circumstances, risk tolerance,
                                         and tax consequences. The Coinbase Entities shall have no liability, obligation, or responsibility
                                         whatsoever regarding any Client decision to enter into in any transaction with respect
                                         to any Digital Asset.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Opt-In
                                         to Article 8 of the Uniform Commercial Code</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
Assets in the Trading Balance and Vault Balance will be treated as &ldquo;financial assets&rdquo; under Article 8 of the New York
Uniform Commercial Code (&ldquo;<U>Article 8</U>&rdquo;). Coinbase and Coinbase Custody are &ldquo;securities intermediaries,&rdquo;
the Trading Balance and Vault Balance are each &ldquo;securities accounts,&rdquo; and Client is an &ldquo;entitlement holder&rdquo;
under Article 8. This Agreement sets forth how the Coinbase Entities will satisfy their Article 8 duties. Treating Client Assets
in the Trading Balance and Vault Balance as financial assets under Article 8 does not determine the characterization or treatment
of the cash and Digital Assets under any other law or rule. New York will be the securities intermediary&rsquo;s jurisdiction
with respect to Coinbase and Coinbase Custody, and New York law will govern all issues addressed in Article 2(1) of the Hague
Securities Convention. Coinbase and Coinbase Custody will credit the Client with any payments or distributions on any Client Assets
it holds for Client&rsquo;s Trading Balance and Vault Balance. Coinbase and Coinbase Custody will comply with Client&rsquo;s Instructions
with respect to Client Assets in Client&rsquo;s Trading Balance or Vault Balance, subject to the terms of the MTA or Custody Agreement,
as applicable, and related Coinbase rules, including the Coinbase Trading Rules (as such term is defined in the MTA).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General
Use, Security and Prohibited Use</B></FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Prime
                                         Broker Site and Content</I>. During the term of this Coinbase Prime Broker Agreement,
                                         the Coinbase Entities hereby grant Client a limited, nonexclusive, non-transferable,
                                         non-sublicensable, revocable and royalty-free license, subject to the terms of this Coinbase
                                         Prime Broker Agreement, to access and use the Coinbase Prime Broker Site accessible at
                                         prime.coinbase.com (&ldquo;<U>Coinbase Prime Broker Site</U>&rdquo;) and related content,
                                         materials, and information (collectively, the &ldquo;<U>Content</U>&rdquo;) solely for
                                         Client&rsquo;s internal business use and other purposes as permitted by Coinbase in writing
                                         from time to time. Any other use of the Coinbase Prime Broker Site or Content is hereby
                                         prohibited. All other right, title, and interest (including all copyright, trademark,
                                         patent, trade secrets, and all other intellectual property rights) in the Coinbase Prime
                                         Broker Site, Content, and Prime Broker Services is and will remain the exclusive property
                                         of the Coinbase Entities and their licensors. Client shall not copy, transmit, distribute,
                                         sell, license, reverse engineer, modify, publish, or participate in the transfer or sale
                                         of, create derivative works from, or in any other way exploit any of the Prime Broker
                                         Services or Content, in whole or in part. &ldquo;Coinbase,&rdquo; &ldquo;Coinbase Prime,&rdquo;
                                         &ldquo;prime.coinbase.com,&rdquo; and all logos related to the Prime Broker Services
                                         or displayed on the Coinbase Prime Broker Site are either trademarks or registered marks
                                         of the Coinbase Entities or their licensors. Client may not copy, imitate or use them
                                         without Coinbase&rsquo;s prior written consent. The license granted under this Section
                                         8.1 will automatically terminate upon termination of this Coinbase Prime Broker Agreement,
                                         or the suspension or termination of Client&rsquo;s access to the Coinbase Prime Broker
                                         Site or Prime Broker Services.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Unauthorized
                                         Users.</I> Client shall not permit any person or entity that is not the Client or an
                                         Authorized Representative (each, an &ldquo;<U>Unauthorized User</U>&rdquo;) to access,
                                         connect to, and/or use Client&rsquo;s Prime Broker Account. The Coinbase Entities shall
                                         have no liability, obligation, or responsibility whatsoever for, and Client shall be
                                         fully responsible and liable for, any and all Claims and Losses arising out of or relating
                                         to the acts and omissions of any Unauthorized User in respect of the Prime Broker Services,
                                         Prime Broker Account, and/or the Prime Broker Site. Client shall notify Coinbase immediately
                                         if Client believes or becomes aware that an Unauthorized User has accessed, connected
                                         to, or used Client&rsquo;s Prime Broker Account.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Password
                                         Security; Contact Information</I>. Client is fully responsible for maintaining adequate
                                         security and control of any and all IDs, passwords, hints, personal identification numbers
                                         (PINs), API keys, YubiKeys, other security or confirmation information or hardware, and
                                         any other codes that Client uses to access the Prime Broker Account and Prime Broker
                                         Services. Client agrees to keep Client&rsquo;s email address and telephone number up
                                         to date in Client&rsquo;s Prime Broker Account in order to receive any notices or alerts
                                         that the Coinbase Entities may send to Client. Client shall be fully responsible for,
                                         and the Coinbase Entities shall have no liability, obligation, or responsibility whatsoever
                                         for, any Losses that Client may sustain due to compromise of Prime Broker Account login
                                         credentials. In the event Client believes Client&rsquo;s Prime Broker Account information
                                         has been compromised, Client must contact Coinbase immediately.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Prohibited
                                         Use</I>. Client shall not engage in any of the following activities with its use of the
                                         Prime Broker Services:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4.1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Unlawful
                                         Activity</I>. Activity that would violate, or assist in violation of, any law, statute,
                                         ordinance, or regulation, sanctions programs administered in the countries where Coinbase
                                         conducts business, including but not limited to the U.S. Department of Treasury&rsquo;s
                                         Office of Foreign Assets Control (OFAC), or which would involve proceeds of any unlawful
                                         activity; publish, distribute or disseminate any unlawful material or information;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4.2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Abusive
                                         Activity</I>. Actions that impose an unreasonable or disproportionately large load on
                                         Coinbase&rsquo;s infrastructure, or detrimentally interfere with, intercept, or expropriate
                                         any system, data, or information; transmit or upload any material to Coinbase systems
                                         that contains viruses, trojan horses, worms, or any other harmful or deleterious programs;
                                         attempt to gain unauthorized access to Coinbase systems, other Coinbase accounts, computer
                                         systems or networks connected to Coinbase systems, Coinbase Site, through password mining
                                         or any other means; use Coinbase Account information of another party to access or use
                                         the Coinbase systems, except in the case of specific Clients and/or applications which
                                         are specifically authorized by a Client to access such Client&rsquo;s Coinbase Account
                                         and information; or transfer Client&rsquo;s account access or rights to Client&rsquo;s
                                         account to a third party, unless by operation of law or with the express permission of
                                         Coinbase; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4.3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Fraud</I>.
Activity which operates to defraud Coinbase or any other person or entity.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.5</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Computer
                                         Viruses</I>. The Coinbase Entities shall not have any liability, obligation, or responsibility
                                         whatsoever for any damage or interruptions caused by any computer viruses, spyware, scareware,
                                         Trojan horses, worms or other malware that may affect Client&rsquo;s computer or other
                                         equipment, or any phishing, spoofing or other attack, unless such damage or interruption
                                         directly resulted from the Coinbase Entities&rsquo; gross negligence, fraud, or willful
                                         misconduct. Client agrees to access and use its Prime Broker Account through the Coinbase
                                         Prime Broker Site to review any Orders, deposits or withdrawals or required actions to
                                         confirm the authenticity of any communication or notice from the Coinbase Entities.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Taxes</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Taxes</I>.
                                         Except as otherwise expressly stated herein, Client shall be fully responsible and liable
                                         for, and the Coinbase Entities shall have no liability, obligation, or responsibility
                                         whatsoever for, the payment of any and all present and future tariffs, duties or taxes
                                         (including withholding taxes, transfer taxes, stamp taxes, documentary taxes, value added
                                         taxes, personal property taxes and all similar costs) imposed or levied by any government
                                         or governmental agency (collectively, &ldquo;<U>Taxes</U>&rdquo;) and any related Claims
                                         and Losses or the accounting or reporting of income or other Taxes arising from or relating
                                         to any transactions Client conducts through the Prime Broker Services. Client shall file
                                         all tax returns, reports, and disclosures required by applicable law.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Withholding
                                         Tax</I>. Except as required by applicable law, each payment under this Coinbase Prime
                                         Broker Agreement or collateral deliverable by Client to any Coinbase Entities shall be
                                         made, and the value of any collateral or margin shall be calculated, without withholding
                                         or deducting of any Taxes. If any Taxes are required to be withheld or deducted, Client
                                         (a) authorizes the Coinbase Entities to effect such withholding or deduction and remit
                                         such Taxes to the relevant taxing authorities and (b) shall pay such additional amounts
                                         or deliver such further collateral as necessary to ensure that the actual net amount
                                         received by the Coinbase Entities is equal to the amount that the Coinbase Entities would
                                         have received had no such withholding or deduction been required. Client agrees that
                                         the Coinbase Entities may disclose any information with respect to Client Assets, the
                                         Prime Broker Account, Custodial Accounts, Trading Accounts, and transactions required
                                         by any applicable taxing authority or other governmental entity. The Client agrees that
                                         the Coinbase Entities may withhold or deduct Taxes as may be required by applicable law.
                                         From time to time, Coinbase
Entities shall ask Client for tax documentation or certification of Client&rsquo;s taxpayer status as required by applicable law,
and any failure by Client to comply with this request in the time frame identified may result in withholding and/or remission
of taxes to a tax authority as required by applicable law.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Prime
                                         Broker Services Fees</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         agrees to pay all commissions and fees in connection with the Orders and Prime Broker
                                         Services on a timely basis as set forth in the Fee Schedule, attached hereto as Appendix
                                         1. Client authorizes the Coinbase Entities to pay themselves for fees and commissions
                                         relating to the Trading Account and Custodial Account by deducting fees from the Vault
                                         Balance or Trading Balance, as applicable, to satisfy Client&rsquo;s fees owed.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         acknowledges that Coinbase&rsquo;s fees may include but are not limited to: (a) bank
                                         wire fees to deposit and/or withdraw Client Cash; (b) internal transfers from its Vault
                                         Balance to its Trading Balance; and (c) external withdrawals of Client Assets. Client
                                         further acknowledges that Coinbase Custody will charge fees for any balance of Digital
                                         Assets that Client keeps in the Vault Balance.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidentiality</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         and Coinbase Entities each agree that with respect to any non-public, confidential or
                                         proprietary information of the other Party, including the existence and terms of this
                                         Coinbase Prime Broker Agreement and information relating to the other party&rsquo;s business
                                         operations or business relationships (including the Coinbase Entities&rsquo; fees), and
                                         any arbitration pursuant to Section 22 (collectively, &ldquo;<U>Confidential Information</U>&rdquo;),
                                         it (a) will not disclose such Confidential Information except to such party&rsquo;s officers,
                                         directors, agents, employees and professional advisors who need to know the Confidential
                                         Information for the purpose of assisting in the performance of this Coinbase Prime Broker
                                         Agreement and who are informed of, and agree to be bound by obligations of confidentiality
                                         no less restrictive than those set forth herein and (b) will protect such Confidential
                                         Information from unauthorized use and disclosure. Each Party shall use any Confidential
                                         Information that it receives solely for purposes of (i) exercising its rights and performing
                                         its duties under the Coinbase Prime Broker Agreement and (ii) complying with any applicable
                                         laws, rules and regulations; provided that, the Coinbase Entities may use Confidential
                                         Information for (1) risk management; and (2) to develop, enhance and market their products
                                         and services. Confidential Information shall not include any (w) information that is
                                         or becomes generally publicly available through no fault of the recipient; (x) information
                                         that the recipient obtains from a third party (other than in connection with this Coinbase
                                         Prime Broker Agreement) that, to the recipient&rsquo;s best knowledge, is not bound by
                                         a confidentiality agreement prohibiting such disclosure; (y) information that is independently
                                         developed or acquired by the recipient without the use of Confidential Information provided
                                         by the disclosing party; or (z) disclosure with the prior written consent of the disclosing
                                         Party.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
                                         the foregoing, each Party may disclose Confidential Information of the other Party to
                                         the extent required by a court of competent jurisdiction or governmental authority or
                                         otherwise required by law; provided, however, the Party making such required disclosure
                                         shall first notify the other Party (to the extent legally permissible) and shall afford
                                         the other Party a reasonable opportunity to seek confidential treatment if it wishes
                                         to do so and will consider in good faith reasonable and timely requests for redaction.
                                         For purposes of this Section 11, no affiliate of Coinbase shall be considered a third
                                         party of any Coinbase Entity, and the Coinbase Entities may freely share Client&rsquo;s
                                         Confidential Information among each other and with such affiliates. All documents and
                                         other tangible objects containing or representing Confidential Information and all copies
                                         or extracts thereof or notes derived therefrom that are in the possession or control
                                         of the receiving Party shall be and remain the property of the disclosing Party and shall
                                         be promptly returned to the disclosing Party or destroyed, each upon the disclosing Party&rsquo;s
                                         request; provided, however,
notwithstanding the foregoing, the receiving Party may retain one (1) copy of Confidential Information if (a) required by law
or regulation; or (b) retained pursuant to an established document retention policy.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Market
                                         Data</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(29,29,27)">Client
agrees that its use of data made available to it through the Trading Platform&rsquo;s application programming interface(s),
which may include the prices and quantities of orders and transactions executed on Trading Platform (collectively
&ldquo;<U>Market Data</U>&rdquo;), is subject to the Market Data Terms of Use, as amended and updated from time to time at <I><U>https://www.coinbase.com/legal/market_data</U></I>
or a successor website.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Recording
                                         of Conversations</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
compliance and monitoring purposes, Client authorizes each Coinbase Entity at its sole discretion to record conversations between
such Coinbase Entity and Client or its Authorized Representatives relating to this Coinbase Prime Broker Agreement, the Prime
Broker Account and the Prime Broker Services. In the event a dispute arises between Client and a Coinbase entity, the Coinbase
entity shall provide any available recordings to the Client upon request; provided that nothing herein shall obligate any Coinbase
entity from making or keeping any records that it does not make or keep in the ordinary course of its business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security
                                         and Business Continuity</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Coinbase Entities have implemented and will maintain a reasonable information security program that includes policies and procedures
that are reasonably designed to safeguard the Coinbase Entities&rsquo; electronic systems and Client&rsquo;s Confidential Information
from, among other things, unauthorized access or misuse. In the event of a Data Security Incident (defined below), the applicable
Coinbase Entity shall promptly notify Client and such notice shall include the following information: (a) the timing and nature
of the Data Security Incident; (b) the information related to Client that was compromised; (c) when the Data Security Incident
was discovered; and (d) any remedial actions that have been taken and that the applicable Coinbase Entity plans to take. &ldquo;<U>Data
Security Incident</U>&rdquo; means an incident whereby (i) an unauthorized person acquired or accessed Client&rsquo;s Confidential
Information; or (ii) Client&rsquo;s Confidential Information is otherwise lost, stolen, or compromised, each case, while in the
possession or control of the Coinbase Entities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Coinbase Entities have established a business continuity plan that will support their ability to conduct business in the event
of a significant business disruption. The business continuity plan is reviewed and updated annually, and may be updated more frequently
as deemed necessary by the Coinbase Entities in their sole discretion. To receive more information about the Coinbase Entities&rsquo;
business continuity plan, please send a written request to security@coinbase.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Acknowledgement
                                         of Risks</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
hereby acknowledges, that: (i) Digital Assets are not legal tender, are not backed by any government, and are not subject to protections
afforded by the Federal Deposit Insurance Corporation or Securities Investor Protection Corporation; (ii) Legislative and regulatory
changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange, and/or value
of Digital Assets; (iii) transactions in Digital Assets are irreversible, and, accordingly, Digital Assets lost due to fraudulent
or accidental transactions may not be recoverable; (iv) certain Digital Assets transactions will be deemed to be made when recorded
on a public blockchain ledger, which is not necessarily the date or time that Client initiates the transaction or such transaction
enters the pool; (v) the value of Digital Assets may be derived from the continued willingness of market participants to exchange
any government issued currency (&ldquo;<U>Fiat Currency</U>&rdquo;) for Digital Assets, which may result in the permanent and
total loss of value of a Digital Asset should the market for that Digital Asset disappear; (vi) the volatility of the value of
Digital Assets relative to
Fiat Currency may result in significant losses; (vii) Digital Assets may be susceptible to an increased riskof fraud or cyber-attack;
(viii) the nature of Digital Assets means that any technological difficulties experienced by a Coinbase Entity may prevent the
access or use of Client Digital Assets; and (ix) any bond or trust account maintained by Coinbase Entities for the benefit of
its customers may not be sufficient to cover all losses (including Losses) incurred by customers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Operation
                                         of Digital Asset Protocols</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Coinbase Entities do not own or control the underlying software protocols which govern
                                         the operation of Digital Assets. Generally, the underlying software protocols and, if
                                         applicable, related smart contracts (referred to collectively as &ldquo;<U>Protocols</U>&rdquo;
                                         for purposes of this Section 16) are open source and anyone can use, copy, modify or
                                         distribute them. By using the Prime Broker Services, Client acknowledges and agrees that
                                         (i) the Coinbase Entities make no guarantee of the functionality, security, or availability
                                         of underlying Protocols; (ii) some underlying Protocols are subject to consensus-based
                                         proof of stake validation methods which may allow, by virtue of their governance systems,
                                         changes to the associated blockchain or digital ledger (&ldquo;<U>Governance Modifiable
                                         Blockchains</U>&rdquo;), and that any Client transactions validated on such Governance
                                         Modifiable Blockchains may be affected accordingly; and (iii) the underlying Protocols
                                         are subject to sudden changes in operating rules (a/k/a &ldquo;forks&rdquo;), and that
                                         such forks may materially affect the value, function, and/or even the name of the Digital
                                         Assets. In the event of a fork, Client agrees that the Coinbase Entities may temporarily
                                         suspend Prime Broker Services (with or without notice to Client) and that the Coinbase
                                         Entities may, in their sole discretion, determine whether or not to support (or cease
                                         supporting) either branch of the forked protocol entirely. Client agrees that the Coinbase
                                         Entities shall have no liability, obligation or responsibility whatsoever arising out
                                         of or relating to the operation of Protocols, transactions affected by Governance Modifiable
                                         Blockchains, or an unsupported branch of a forked protocol and, accordingly, Client acknowledges
                                         and assumes the risk of the same.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
                                         specifically communicated by the Coinbase Entities through a written public statement
                                         on the Coinbase website, the Coinbase Entities do not support airdrops, metacoins, colored
                                         coins, side chains, or other derivative, enhanced or forked protocols, tokens or coins,
                                         which supplement or interact with a Digital Asset (collectively, &ldquo;<U>Advanced Protocols</U>&rdquo;)
                                         in connection with the Prime Broker Services. The Prime Broker Services are not configured
                                         to detect, process and/or secure Advanced Protocol transactions and neither Client nor
                                         the Coinbase Entities will be able to retrieve any unsupported Advanced Protocol. Coinbase
                                         shall have no liability, obligation or responsibility whatsoever in respect to Advanced
                                         Protocols.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Set-off</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the termination of, or the occurrence of a default or an event of default under, an agreement with a Coinbase Entity
(including an &ldquo;<U>Event of Default</U>&rdquo; as such term is defined in the PTC Agreement (in each case, at maturity,
upon acceleration or otherwise) or the occurrence of an event that constitutes &ldquo;Cause&rdquo; (as defined below) (each,
a &ldquo;<U>Setoff Event</U>&rdquo;), each Coinbase Entity may set off and net the amounts due from it or any other Coinbase
Entity to Client and from Client to it or any other Coinbase Entity, so that a single payment (the &ldquo;<U>Net
Payment</U>&rdquo;) shall be immediately due and payable by the Client or the Coinbase Entity to the other (subject to the
other provisions hereof and of any agreement with a Coinbase Entity). If any amounts cannot be included within the Net
Payment, such amounts shall be excluded but may still be netted against any other similarly excluded amounts. Upon the
occurrence of a Setoff Event, each Coinbase Entity may also (a) liquidate, apply and set off any or all Client Assets (as
such term is defined in the MTA) against any Net Payment, unpaid trade credits, or any other obligation owed by Client to any
Coinbase Entity and (b) set off and net any Net Payment or any other obligation owed to the Client by any Coinbase Entity
against (i) any or all collateral or margin posted by any Coinbase Entity to Client (or the U.S. dollar value thereof,
determined by Coinbase in its sole discretion on the basis of a recent price at which the relevant Digital Asset was sold to
customers on the Trading Platform); and (ii) any Net Payment, unpaid trade credits or any other obligation owed by Client to
any Coinbase Entity (in each case, whether matured or unmatured,fixed or contingent, or liquidated or unliquidated). Client
agrees that in the exercise of setoff </FONT>rights or secured party remedies, the Coinbase Entities may value Client
Digital Assets using the same valuation methods and processes that are otherwise used when a Coinbase customer sells an asset
on the Trading Platform (as such term is defined in the MTA) or any other commercially reasonable valuation method as
determined by Coinbase in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Disclaimer
                                         of Warranties</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TO
THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE PRIME BROKER SERVICES AND THE COINBASE WEBSITE ARE PROVIDED ON AN &ldquo;AS
IS&rdquo; AND &ldquo;AS AVAILABLE&rdquo; BASIS WITHOUT ANY WARRANTY OF ANY KIND, AND THE COINBASE ENTITIES HEREBY SPECIFICALLY
DISCLAIM ALL WARRANTIES WITH RESPECT TO THE PRIME BROKER SERVICES, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING THE IMPLIED
WARRANTIES AND/OR CONDITIONS OF TITLE, MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, AND/OR NON-INFRINGEMENT.
THE COINBASE ENTITIES DO NOT WARRANT THAT THE PRIME BROKER SERVICES, INCLUDING ACCESS TO AND USE OF THE COINBASE WEBSITES, OR
ANY OF THE CONTENT CONTAINED THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, TIMELY, COMPATIBLE WITH ANY SOFTWARE, SYSTEM OR OTHER
SERVICES, SECURE, COMPLETE, FREE OF HARMFUL CODE OR ERROR-FREE.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnification</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19.1</B></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         shall defend and indemnify and hold harmless each Coinbase Entity, its affiliates, and
                                         their respective officers, directors, agents, employees and representatives from and
                                         against any and all Claims and Losses arising out of or relating to Client&rsquo;s breach
                                         of this Coinbase Prime Broker Agreement, Client&rsquo;s violation of any law, rule or
                                         regulation, or rights of any third party, or Client&rsquo;s gross negligence, fraud or
                                         willful misconduct. This obligation will survive any termination of this Coinbase Prime
                                         Broker Agreement. Client shall not accept any settlement of any Claims or Losses if such
                                         settlement imposes any financial or non-financial liabilities, obligations or restrictions
                                         on, or requires an admission of guilt or wrong-doing from, any indemnified party pursuant
                                         to this Section 19, without such indemnified party&rsquo;s prior written consent.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purposes of this Coinbase Prime Broker Agreement:</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Claim</U>&rdquo;
                                         means any action, suit, litigation, demand, charge, arbitration, proceeding (including
                                         any civil, criminal, administrative, investigative or appellate proceeding), hearing,
                                         inquiry, audit, examination or investigation commenced, brought, conducted or heard by
                                         or before, or otherwise involving, any court or other governmental, regulatory or administrative
                                         body or any arbitrator or arbitration panel; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Losses</U>&rdquo;
                                         means any liabilities, damages, diminution in value, payments, obligations, losses, interest,
                                         costs and expenses, security or other remediation costs (including any regulatory investigation
                                         or third party subpoena costs, reasonable attorneys&rsquo; fees, court costs, expert
                                         witness fees, and other expenses relating to investigating or defending any Claim); fines,
                                         taxes, fees, restitution, or penalties imposed by any governmental, regulatory or administrative
                                         body, interest on and additions to tax with respect to, or resulting from, Taxes imposed
                                         on Client&rsquo;s assets, cash, other property, or any income or gains derived therefrom;
                                         and judgments (at law or in equity) or awards of any nature.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Limitation
                                         of Liability</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
NO EVENT SHALL ANY COINBASE ENTITY, ITS AFFILIATES, OR THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, EMPLOYEES AND
REPRESENTATIVES HAVE ANY LIABILITY TO CLIENT OR ANY THIRD PARTY WITH RESPECT TO ANY BREACH OF ITSOBLIGATIONS HEREUNDER,
EXPRESS OR IMPLIED, WHICH DOES NOT RESULT SOLELY FROM ITS GROSS NEGLIGENCE, FRAUD OR WILLFUL MISCONDUCT. TO THE MAXIMUM
EXTENT PERMITTED BY APPLICABLE LAW, EXCEPT FOR LIABILITIES SPECIFICALLY PROVIDED FOR HEREUNDER, NEITHER PARTY HERETO SHALL BE
LIABLE FOR ANY INCIDENTAL, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR SIMILAR LOSSES, EVEN IF THE OTHER PARTY HAD BEEN
ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY THEREOF. NOTHING IN THIS COINBASE PRIME BROKER AGREEMENT SHALL BE
DEEMED TO CREATE ANY JOINT OR SEVERAL LIABILITY AMONG ANY OF THE COINBASE ENTITIES. IN NO EVENT SHALL ANY COINBASE
ENTITY&rsquo;S AGGREGATE LIABILITY WITH RESPECT TO ANY BREACH OF ITS OBLIGATIONS HEREUNDER EXCEED THE AGGREGATE AMOUNT OF
FEES PAID BY CLIENT TO SUCH COINBASE ENTITY IN RESPECT OF THE PRIME BROKER SERVICES IN THE 12-MONTH PERIOD PRIOR TO THE EVENT
GIVING RISE TO SUCH LIABILITY AND SOLELY IN RESPECT OF CUSTODIAL SERVICES PROVIDED PURSUANT TO THE CUSTODY AGREEMENT, THE
GREATER OF (i) THE AGGREGATE AMOUNT OF FEES PAID BY CLIENT TO COINBASE CUSTODY IN RESPECT OF THE CUSTODIAL SERVICES IN THE
12-MONTH PERIOD PRIOR TO THE EVENT GIVING RISE TO SUCH LIABILITY OR (ii) THE VALUE OF THE SUPPORTED DIGITAL ASSETS ON DEPOSIT
IN CLIENT&rsquo;S CUSTODIAL ACCOUNT(S) GIVING RISE TO SUCH LIABILITY AT THE TIME OF THE EVENT GIVING RISE TO SUCH LIABILITY
(THE VALUE OF WHICH SHALL BE CALCULATED AT THE AVERAGE UNITED STATES DOLLAR ASK PRICE, AT THE TIME OF SUCH EVENT, OF THE
THREE (3) LARGEST U.S.-BASED EXCHANGES (BY TRAILING 30-DAY VOLUME) WHICH OFFER THE RELEVANT DIGITAL CURRENCY OR DIGITAL
ASSET/USD TRADING PAIR, AS RELEVANT); PROVIDED, THAT IN NO EVENT SHALL COINBASE CUSTODY&rsquo;S AGGREGATE LIABILITY IN
RESPECT OF EACH COLD STORAGE ADDRESS EXCEED ONE HUNDRED MILLION US DOLLARS (US$100,000,000).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Privacy</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(29,29,27)">The
Coinbase Entities shall use and disclose Client&rsquo;s and its Authorized Representatives&rsquo; non-public personal information
in accordance with the Coinbase Privacy Policy, as set forth at <I><U>https://www.coinbase.com/legal/privacy</U> </I>or a successor
website, and as amended and updated from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Arbitration</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         Claim arising out of or relating to this Coinbase Prime Broker Agreement, or the breach,
                                         termination, enforcement, interpretation or validity thereof, including any determination
                                         of the scope or applicability of the agreement to arbitrate as set forth in this Section
                                         22, shall be determined by arbitration in the state of New York or another mutually agreeable
                                         location, before one neutral arbitrator. The arbitration shall be administered by JAMS
                                         pursuant to its Comprehensive Arbitration Rules and Procedures, and the award of the
                                         arbitrator (the &ldquo;<U>Award</U>&rdquo;) shall be accompanied by a reasoned opinion.
                                         Judgment on the Award may be entered in any court having jurisdiction. This Coinbase
                                         Prime Broker Agreement shall not preclude the Parties from seeking provisional relief,
                                         including injunctive relief, in any court of competent jurisdiction. Seeking any such
                                         provisional relief shall not be deemed to be a waiver of such party&rsquo;s right to
                                         compel arbitration. The Parties expressly waive their right to a jury trial to the extent
                                         permitted by applicable law.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         any arbitration arising out of or related to this Coinbase Prime Broker Agreement, the
                                         arbitrator shall award to the prevailing party, if any, as determined by the arbitrator,
                                         all of its costs and fees. &ldquo;Costs and fees&rdquo; mean all reasonable pre-award
                                         expenses of the arbitration, including the arbitrator&rsquo;s fees, administrative fees,
                                         travel expenses, out-of-pocket expenses such as copying and telephone, court costs, witness
                                         fees, and attorneys&rsquo; fees.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Parties acknowledge that this Coinbase Prime Broker Agreement evidences a transaction
                                         involving interstate commerce. Notwithstanding the provision herein with respect to applicable
                                         substantive law, any arbitration conducted pursuant to the terms of this Coinbase Prime
                                         Broker Agreement shall be governed by the Federal Arbitration Act (9 U.S.C. &sect;&sect;
                                         1-16).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Term,
                                         Termination and Suspension</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Coinbase Prime Broker Agreement is effective as of the date written below and shall remain in effect until terminated by Coinbase
or Client as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Either
                                         Party may terminate this Coinbase Prime Broker Agreement in its entirety for any reason
                                         and without Cause by providing at least 30 days&rsquo; prior written notice to the other
                                         party; provided, however, Client&rsquo;s termination of this Coinbase Prime Broker Agreement
                                         shall not be effective until Client has fully satisfied its obligations hereunder.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regardless
                                         of any other provision of this Coinbase Prime Broker Agreement, the Coinbase Entities
                                         may, in their sole discretion, suspend, restrict or terminate the Client&rsquo;s Prime
                                         Broker Services, including by suspending, restricting or closing the Client&rsquo;s Prime
                                         Broker Account and/or any associated Trading Account, Custodial Account or any credit
                                         account (as applicable), for Cause, at any time. If Coinbase takes any action for any
                                         reason under this Section 35(b), Coinbase will provide Client with notice of such actions
                                         unless a court order or other legal or regulatory process prohibits Coinbase from providing
                                         Client with such notice</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Cause</U>&rdquo;
shall mean: (i) Client breaches any provision of this Coinbase Prime Broker Agreement and such breach is not cured within twenty-four
(24) hours after notice of such breach is given to Client in the case of a payment-related breach or is not cured within three
(3) business days after notice of such breach is given to Client in the case of a non-payment related breach; (ii) Client takes
any action to dissolve or liquidate, in whole or part; (iii) Client becomes insolvent, makes an assignment for the benefit of
creditors, becomes subject to direct control of a trustee, receiver or similar authority; (iv) Client becomes subject to any bankruptcy
or insolvency proceeding under any applicable laws, rules and regulations which is not dismissed within fifteen (15) days, such
termination being effective immediately upon any declaration of bankruptcy; (v) Coinbase becomes aware of any facts or circumstances
with respect to the Client&rsquo;s financial, legal, regulatory or reputational position which may affect Client&rsquo;s ability
to comply with its obligations under this Coinbase Prime Broker Agreement; (vi) termination is required pursuant to a facially
valid subpoena, court order or binding order of a government authority; (vii) Client&rsquo;s Prime Broker Account is subject to
any pending litigation, investigation or government proceeding and/or Coinbase reasonably perceives a heightened risk of legal
regulatory non-compliance associated with Client&rsquo;s use of Prime Broker Services; or (viii) Coinbase reasonably suspects
Client of attempting to circumvent Coinbase&rsquo;s controls or uses the Prime Broker Services in a manner Coinbase otherwise
deems inappropriate or potentially harmful to itself or third parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         acknowledges that the Coinbase Entities&rsquo; decision to take certain actions, including
                                         suspending, restricting or terminating Client&rsquo;s Prime Broker Account or Prime Broker
                                         Services, may be based on confidential criteria that are essential to Coinbase&rsquo;s
                                         risk management and security practices and agrees that the Coinbase Entities are under
                                         no obligation to disclose the details of its risk management and security practices to
                                         Client.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>24.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Severability</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any provision or condition of this Coinbase Prime Broker Agreement shall be held invalid or unenforceable, the remainder of this
Coinbase Prime Broker Agreement shall continue in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>25.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Waiver</B></FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
waivers of rights by the Coinbase Entities under this Coinbase Prime Broker Agreement must be in writing and signed by Coinbase
on behalf of the relevant Coinbase Entities. A waiver will apply only to the particular circumstance giving rise to the waiver
and will not be considered a continuing waiver in other similar circumstances. The Coinbase Entities&rsquo; failure to insist
on strict compliance with this Coinbase Prime Broker Agreement or any other course of conduct by the Coinbase Entities shall not
be considered a waiver of their rights under this Coinbase Prime Broker Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>26.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Survival</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
provisions of this Coinbase Prime Broker Agreement which by their nature extend beyond the expiration or termination of this Coinbase
Prime Broker Agreement shall survive the termination or expiration of this Coinbase Prime Broker Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>27.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing
                                         Law</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Coinbase Prime Broker Agreement, Client&rsquo;s Prime Broker Account, and the Prime Broker Services will be governed by and construed
in accordance with the laws of the State of New York, excluding its conflicts of laws principles, except to the extent such state
law is preempted by federal law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>28.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Force
                                         Majeure</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Coinbase Entities shall not be liable for delays, suspension of operations, whether temporary or permanent, failure in performance,
or interruption of service which result directly or indirectly from any cause or condition beyond the reasonable control of the
Coinbase Entities, including any act of God; embargo; natural disaster; act of civil or military authorities; act of terrorists;
hacking; government restrictions; any ruling by any Connected Trading Venue, exchange or market; market volatility or disruptions
in order trading on any Connected Trading Venue, exchange or market; suspension of trading; civil disturbance; war; strike or
other labor dispute; fire; severe weather; interruption in telecommunications, Internet services, or network provider services;
failure of equipment and/or software; failure of computer or other electronic or mechanical equipment or communication lines;
unauthorized access; theft; operator errors; outbreaks of infectious disease or any other public health crises, including quarantine
or other employee restrictions; acts or omissions of any Connected Trading Venue; or any other catastrophe or other occurrence
which is beyond the reasonable control of the Coinbase Entities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>29.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Entire
                                         Agreement; Headings</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Coinbase Prime Broker Agreement, together with all exhibits, addenda and supplements attached hereto or referenced herein, comprise
the entire understanding between Client and the Coinbase Entities as to the Prime Broker Services and supersedes all prior discussions,
agreements and understandings, including any previous version of this Coinbase Prime Broker Agreement, and the Custodial Services
Agreement between Client and any Coinbase Entity, including all exhibits, addenda, policies, and supplements attached thereto
or referenced therein. Section headings in this Coinbase Prime Broker Agreement are for convenience only and shall not govern
the meaning or interpretation of any provision of this Coinbase Prime Broker Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>30.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendments</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
modification or addition to this Coinbase Prime Broker Agreement must be in writing and either (a) signed by a duly authorized
representative of each party, or (b) accepted and agreed to by Client.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>31.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assignment</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
assignment of Client&rsquo;s rights and/or licenses granted under this Coinbase Prime Broker Agreement without obtaining the
prior written consent of Coinbase shall be null and void. Coinbase reserves the right to assign its rights under this
Coinbase Prime Broker Agreement without restriction, including to any of the Coinbase Entities or their affiliates or
subsidiaries, or to any successor in interest of any business associated with the Prime Broker Services, provided that
Coinbase shall notify Client within a reasonable amount of time after such assignment. Subject to the foregoing, this
Coinbase Prime Broker Agreement will bind and inure to the benefit of the Parties, their successors and permitted
assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>32.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Electronic
                                         Delivery of Communications</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
agrees and consents to receive electronically all communications, agreements, documents, notices and disclosures
(collectively, &ldquo;<U>Communications</U>&rdquo;) that the Coinbase Entities provide in connection with Client&rsquo;s
Prime Broker Account and Client&rsquo;s use of Prime Broker Services. Communications include:
(a)&nbsp;terms of use and policies Client agrees to, including updates to policies or the
Coinbase Prime Broker Agreement, (b) Prime Broker Account details, including transaction receipts, confirmations, records of
deposits, withdrawals or transaction information, (c) legal, regulatory and tax disclosures or statements the Coinbase
Entities may be required to make available to Client and (d) responses to claims or customer support inquiries filed in
connection with Client&rsquo;s Prime Broker Account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
will provide these Communications to Client by posting them on the Prime Broker Site, emailing them to Client at the primary email
address on file with Coinbase, communicating to Client via instant chat, and/or through other means of electronic communication.
The Client agrees that electronically delivered Communications may be accepted and agreed to by Client through the Prime Broker
Services interface. Furthermore, the Parties consent to the use of electronic signatures in connection with Client&rsquo;s use
of the Prime Broker Services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>33.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
                                         and Contacts</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                         notices required or permitted to be given hereunder shall be in writing delivered to
                                         the Party at its address specified below via an overnight mailing company of national
                                         reputation. Any Party that changes its notice address must notify the other Party promptly
                                         of such change.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to any Coinbase Entity:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Legal</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Department</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase,
Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">248
3rd St, #434</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oakland,
CA 94607</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">legal@coinbase.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to Client, the address specified in its signature block on the Execution Page.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         the event of any market operations, connectivity, or erroneous trade issues that require
                                         immediate attention including any unauthorized access to Client&rsquo;s Prime Broker
                                         Account, please contact:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
Coinbase: support@coinbase.com.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
Client: the email address specified in its signature block on the Execution Page.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is solely Client&rsquo;s responsibility to provide Coinbase with a true, accurate and complete contact information including any
e-mail address, and to keep such information up to date. Client understands and agrees that if Coinbase sends Client an electronic
Communication but Client does not receive it because Client&rsquo;s primary email address on file is incorrect, out of date, blocked
by Client&rsquo;s service provider, or Client is otherwise unable to receive electronic Communications, Coinbase will be deemed
to have provided the Communication to Client. Client may update Client&rsquo;s information via Client&rsquo;s Prime Broker Account
and visiting settings or by providing a notice to Coinbase as prescribed above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 37.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(29,29,27)">33.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(29,29,27)">To
                                         see more information about our regulators, licenses, and contact information for feedback,
                                         questions or complaints, please visit <I><U>https://www.coinbase.com/legal/licenses</U></I>.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 42.6pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>34.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Client</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent Client is a natural person over 18 years of age, if Coinbase receives legal documentation confirming Client&rsquo;s
death or other information leading Coinbase to believe Client is deceased, Coinbase will freeze Client&rsquo;s Prime Broker Account
(&ldquo;<U>Freeze Period</U>&rdquo;). During the Freeze Period, no transactions may be completed until: (i) Client&rsquo;s designated
fiduciary has opened a new Prime Broker Account, as further described below, and the entirety of Client&rsquo;s Prime Broker Account
has been transferred to such new Prime Broker Account, or (ii) Client has received proof in a form satisfactory to Coinbase that
Client is not deceased. If Coinbase has reason to believe Client is deceased but Coinbase does not have proof of Client&rsquo;s
death in a form satisfactory to Coinbase, Client authorizes Coinbase to make inquiries, whether directly or through third parties,
that Coinbase considers necessary to ascertain whether Client is deceased. Upon receipt by Coinbase of proof satisfactory to Coinbase
that Client is deceased, the fiduciary Client designated in a valid will or similar testamentary document will be required to
open a new Prime Broker Account. If Client has not designated a fiduciary, then Coinbase reserves the right to (i) treat as Client&rsquo;s
fiduciary any person entitled to inherit Client&rsquo;s Prime Broker Account, as determined by Coinbase upon receipt and review
of the documentation Coinbase, in its sole and absolute discretion, deems necessary or appropriate, including (but not limited
to) a will, a living trust or a Small Estate Affidavit, or (ii) require an order designating a fiduciary from a court having competent
jurisdiction over Client&rsquo;s estate. In the event Coinbase determines, in its sole and absolute discretion, that there is
uncertainty regarding the validity of the fiduciary designation, Coinbase reserves the right to require an order resolving such
issue from a court of competent jurisdiction before taking any action relating to Client&rsquo;s Prime Broker Account. Pursuant
to the above, the opening of a new Prime Broker Account by a designated fiduciary is mandatory following the death of Client,
and Client hereby agrees that its fiduciary shall be required to open a new Prime Broker Account and provide required account
opening information to gain access to the contents of Client&rsquo;s Prime Broker Account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>35.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Counterparts</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Coinbase Prime Broker Agreement may be executed in one or more counterparts, including by facsimile or email of .pdf signatures
or DocuSign (or similar electronic signature software), each of which shall be deemed to be an original document, but all such
separate counterparts shall constitute only one and the same Coinbase Prime Broker Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>[Signatures
on following page]</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B>, the Parties have caused this Coinbase Prime Broker Agreement, including the Custody Agreement and MTA, to
be duly executed and delivered as of the date below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: -0.25in; margin-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COINBASE,
INC</B>. For itself an a agent for the Coinbase Entities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="vertical-align: bottom; text-align: left; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By:</B></FONT></TD>
<TD STYLE="text-align: justify; width: 90%; border-bottom: Black 1pt solid">&nbsp;<IMG SRC="bitwise_021.jpg" ALT="" STYLE="height: 20pt; width: 126pt"></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD>
<TD STYLE="text-align: justify; width: 90%; border-bottom: Black 1pt solid">Lauren Abendschein</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
<TD STYLE="text-align: justify; width: 90%; border-bottom: Black 1pt solid">Senior Director</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date:</B></FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    31, 2024</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CLIENT:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BITWISE
INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the Bitwise Ethereum ETF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By:</B></FONT></TD>
    <TD STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><IMG SRC="ex104002.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Katherine
    Dowling</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
    Counsel &amp; VP</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    30, 2024</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Address:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">250
    Montgomery Street San Francisco, CA 94104</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>

<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 12%; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E-Mail:</B></FONT></TD><TD STYLE="text-align: justify; width: 88%; border-bottom: Black 1pt solid">&nbsp;</TD>
</TR></TABLE>

</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="ex104001.jpg" ALT="">&nbsp;</FONT></P>

</DIV>
<DIV STYLE='CLEAR:BOTH'></DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT
A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
the Coinbase Prime Broker Agreement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>COINBASE
CUSTODY CUSTODIAL SERVICES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>AGREEMENT</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Custody Agreement is entered into between Client and Coinbase Custody and forms a part of the Coinbase Prime Broker Agreement
between the Client and the Coinbase Entities. Capitalized terms used in this Custody Agreement that are not defined herein shall
have the meanings assigned to them in the other parts of the Coinbase Prime Broker Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Custodial
                                         Services.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
Custody shall provide Client with a segregated custody account controlled and secured by Coinbase Custody (&ldquo;<U>Custodial
Account</U>&rdquo;) to store certain Digital Assets supported by Coinbase Custody, on Client&rsquo;s behalf (&ldquo;<U>Custodial
Services</U>&rdquo;). Coinbase Custody is a fiduciary under &sect; 100 of the New York Banking Law and a qualified custodian for
purposes of Rule 206(4)-2(d)(6) under the Investment Advisers Act of 1940, as amended, and is licensed to custody Client&rsquo;s
Digital Assets in trust on Client&rsquo;s behalf. Digital Assets in Client&rsquo;s Custodial Account shall (i) be segregated from
the assets held by Coinbase Custody as principal and the assets of other customers of Coinbase Custody, (ii) not be treated as
general assets of Coinbase Custody, and except as otherwise provided herein, Coinbase Custody shall have no right, title or interest
in such Digital Assets, (iii) constitute custodial assets and Client&rsquo;s property. In addition, Coinbase Custody shall maintain
adequate capital and reserves to the extent required by applicable law and shall not, directly or indirectly, lend, pledge, hypothecate
or re-hypothecate any Digital Assets in the Custodial Account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Custodial
                                         Account.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>In
                                         General.</I> The Custodial Services shall permit the Client (i) to hold its Vault Balance
                                         in its Custodial Account and transfer Digital Assets to and from its Trading Balance,
                                         (ii) to deposit supported Digital Assets from a public blockchain address controlled
                                         by Client into its Custodial Account, (iii) withdraw supported Digital Assets from its
                                         Custodial Account to a public blockchain address controlled by Client and (iv) <FONT STYLE="color: #212121">certain
                                         additional services as may be agreed to between the Client and Coinbase Custody from
                                         time to time</FONT>. Each such deposit or withdrawal shall be referred to as a &ldquo;<U>Custody
                                         Transaction</U>&rdquo; and shall conform to Instructions provided by Client through the
                                         Coinbase Prime Broker Site. Client shall only withdraw or deposit Digital Assets to public
                                         blockchain addresses and accounts owned by Client or an address for which Client has
                                         conducted the necessary Know Your Customer (&ldquo;<U>KYC</U>&rdquo;) and anti-money
                                         laundering (&ldquo;<U>AML</U>&rdquo;) due diligence. Digital Assets shall be held in
                                         Client&rsquo;s Custodial Account in accordance with the terms of this Custody Agreement
                                         and shall not be commingled with other clients&rsquo; Digital Assets. <B>Coinbase Custody
reserves the right to refuse to process or to cancel any pending Custody Transaction to comply with applicable law or in response
to a subpoena, court order or other binding government order, or to enforce transaction, threshold and condition limits, or if
Coinbase Custody reasonably believes that the Custody Transaction may violate or facilitate the violation of an applicable law,
regulation or rule of a governmental authority or self-regulatory organization.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Digital
                                         Asset Deposits and Withdrawals.</I> Coinbase Custody will process supported Digital Asset
                                         Custody Transaction according to the Instruction received from Client or Client&rsquo;s
                                         Authorized Representatives, and Coinbase Custody does not guarantee the identity of any
                                         user, receiver, requestee or other party. Client must verify all deposit and withdrawal
                                         information prior to submitting
Instructions to Coinbase Custody regarding a Custody Transaction. Coinbase Custody shall have no liability, obligation, or
responsibility whatsoever for Client Digital Asset transfers sent to or received from a wrong party or sent or received with
inaccurate Instructions. Coinbase Custody reserves the right to charge network fees (including miner fees) to process a
Custody Transaction on Client&rsquo;s behalf. Coinbase Custody will calculate the network fee, if any, in its sole and
absolute discretion, although Coinbase Custody will always notify Client of the network fee at or before the time Client
authorizes the Custody Transaction. Coinbase Custody reserves the right to delay any Custody Transaction if it perceives a
risk of fraud or illegal activity.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Digital
                                         Asset Storage and Transmission Delays.</I> Coinbase Custody requires up to twenty-four
                                         (24) hours between any request to withdraw Digital Assets from Client&rsquo;s Custodial
                                         Account and submission of Client&rsquo;s withdrawal to the applicable Digital Asset network.
                                         Since Coinbase Custody securely stores all Digital Asset private keys in offline storage,
                                         it may be necessary to retrieve certain information from offline storage in order to
                                         facilitate a withdrawal in accordance with Client&rsquo;s Instructions, which may delay
                                         the initiation or crediting of such withdrawal. Client acknowledges and agrees that a
                                         Custody Transaction may be delayed, and that Digital Assets shall not be deposited or
                                         withdrawn upon less than twenty-four (24) hours&rsquo; notice initiated from Client&rsquo;s
                                         Custodial Account. The time of such request shall be the time such notice is transmitted
                                         from Client&rsquo;s Custodial Account. Coinbase Custody makes no representations or warranties
                                         with respect to the availability and/or accessibility of (1) the Digital Assets, (2)
                                         a Custody Transaction, (3) the Custodial Account, or (4) the Custodial Services. While
                                         Coinbase Custody will make reasonable efforts to process Client initiated deposits in
                                         a timely manner, Coinbase Custody makes no representations or warranties regarding the
                                         amount of time needed to complete processing as such processing is dependent upon many
                                         factors outside of Coinbase Custody&rsquo;s control.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Supported
                                         Digital Assets.</I> The Custodial Services are available only in connection with those
                                         Digital Assets that Coinbase Custody, in its sole discretion, decides to support, which
                                         may change from time to time. Prior to initiating a deposit of Digital Asset to Coinbase
                                         Custody, Client must confirm that Coinbase Custody offers Custodial Services for that
                                         specific Digital Asset. By initiating a deposit of any Digital Asset to a Custodial Account,
                                         Client attests that Client has confirmed that the Digital Asset being transferred is
                                         a supported Digital Asset offered by Coinbase Custody. Under no circumstances should
                                         Client attempt to use the Custodial Services to deposit or store Digital Assets in any
                                         forms that are not supported by Coinbase Custody. Depositing or attempting to deposit
                                         Digital Assets that are not supported by Coinbase Custody may result in such Digital
                                         Asset being irretrievable by Client and Coinbase Custody. Client shall be fully responsible
                                         and liable, and Coinbase Custody shall have no liability, obligation, or responsibility
                                         whatsoever, regarding any unsupported Digital Asset sent or attempted to be sent to it,
                                         or regarding any attempt to use the Custodial Services for Digital Assets that Coinbase
                                         Custody does not support. Digital Assets supported by Coinbase Custody shall be listed
                                         on the Coinbase Prime Broker Site. Coinbase Custody recommends that Client deposit a
                                         small amount of supported Digital Asset as a test prior to initiating a deposit of a
                                         significant amount of supported Digital Asset. Coinbase Custody shall provide Client
                                         with thirty (30) days&rsquo; written notice before ceasing to support a Digital Asset,
                                         unless Coinbase Custody is required to cease such support by court order, statute, law,
                                         rule (including a self-regulatory organization rule), regulation, code, or other similar
                                         requirement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Use
                                         of the Custodial Services.</I> Client acknowledges and agrees that Coinbase Custody may
                                         monitor use of the Custodial Account and the Custodial Services and the resulting information
                                         may be utilized, reviewed, retained and or disclosed by Coinbase Custody for its internal
                                         purposes or in accordance with the rules of any applicable legal, regulatory or self-regulatory
                                         organization or as otherwise may be required to comply with relevant law, sanctions programs,
                                         legal process or government request.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Independent
                                         Verification.</I> If Client is subject to Rule 206(4)-2 under the Investment Advisers
                                         Act of 1940, Coinbase Custody shall, upon written request, provide Client&rsquo;s authorized
                                         independent public accountant confirmation of or access to information sufficient to
                                         confirm (i) Client&rsquo;s Digital Assets as of the date of an examination conducted
                                         pursuant to Rule 206(4)-2(a)(4), and (ii) Client&rsquo;s Digital
Assets are held either in a separate account under Client&rsquo;s name or in accounts under Client&rsquo;s name as agent or trustee
for Client&rsquo;s clients.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Third
                                         Party Payments.</I> The Custodial Services are not intended to facilitate third party
                                         payments of any kind. As such, Coinbase Custody has no control over, or liability for,
                                         the delivery, quality, safety, legality or any other aspect of any goods or services
                                         that Client may purchase or sell to or from a third party (including other users of Custodial
                                         Services) involving Digital Assets that Client intends to store, or have stored, in Client&rsquo;s
                                         Custodial Account.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.8</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Termination,
                                         and Cancellation.</I> If Coinbase Custody closes Client&rsquo;s Custodial Account or
                                         terminates Client&rsquo;s use of the Custodial Services, Client will be permitted to
                                         withdraw Digital Assets associated with Client&rsquo;s Custodial Account for a period
                                         of up to ninety (90) days following the date of deactivation or cancellation to the extent
                                         not prohibited (i) under applicable law, including applicable sanctions programs, or
                                         (ii) by a facially valid subpoena, court order, or binding order of a government authority.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Coinbase
                                         Custody Obligations</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Bookkeeping</I>.
                                         Coinbase Custody shall keep timely and accurate records as to the deposit, disbursement,
                                         investment and reinvestment of the Digital Assets, as required by applicable law and
                                         in accordance with Coinbase Custody&rsquo;s internal document retention policies.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Insurance.
                                         </I>Coinbase Custody shall obtain and maintain, at its sole expense, insurance coverage
                                         in such types and amounts as shall be commercially reasonable for the Custodial Services
                                         provided hereunder.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Additional
                                         Matters</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212121">In
addition to any additional service providers that may be described in an addendum or attachment hereto, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
acknowledges and agrees that the Custodial Services may be provided from time to time by, through or with the assistance of affiliates
of, or vendors to, Coinbase Custody. Client shall receive notice of any material change in the entities that provide the Custodial
Services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>[Remainder
of page intentionally left blank]</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2022 US Version 2.1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT
B</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
the Coinbase Prime Broker Agreement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>COINBASE
MASTER TRADING AGREEMENT</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
should carefully consider whether trading or holding Digital Assets is suitable for its purpose, including in relation to Client&rsquo;s
knowledge of Digital Assets and Digital Asset markets and Client&rsquo;s financial condition. All investments involve risk, and
the past performance of a financial product does not guarantee future results or returns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(29,29,27)">This
Master Trading Agreement (&ldquo;<U>MTA</U>&rdquo;) sets forth the terms and conditions for clients to trade Digital Assets
through the Coinbase prime broker execution platform (&ldquo;<U>Trading Platform</U>&rdquo;) and forms a part of the Coinbase
Prime Broker Agreement between Client and the Coinbase Entities. Pursuant to this MTA, Coinbase shall open a Trading Account
for the Client on the Trading Platform consisting of linked accounts at Coinbase and Coinbase Custody, each accessible via
the Trading Platform (&ldquo;<U>Trading Account</U>&rdquo;). The Trading Platform shall provide Client with access to trade
execution and automated trade routing services and Coinbase Execution Services (as defined below) to enable Clients to submit
orders (&ldquo;<U>Orders</U>&rdquo;) to purchase and sell specified Digital Assets in accordance with this MTA and the
Coinbase Trading Rules set forth at <I><U>https://www.coinbase.com/legal/trading_rules</U></I> or a successor website (as
amended and updated from time to time, the &ldquo;<U>Coinbase Trading Rules</U>&rdquo;) (such services, the &ldquo;<U>Trading
Services</U>&rdquo;). Capitalized terms used in this MTA that are not defined herein shall have the meanings assigned to them
in the other parts of the Coinbase Prime Broker Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Order
                                         Routing and Connected Trading Venue</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Trading Platform operates a trade execution service through which Client may submit Orders
                                         to purchase or sell Digital Assets. After Client submits an Order, the Trading Platform
                                         will automatically route the Order (or a portion of the Order) to one of the trading
                                         venues to which the Trading Platform has established connections (each such venue, a
                                         &ldquo;<U>Connected Trading Venue</U>&rdquo;). Each Order will be sent, processed and
                                         settled at each Connected Trading Venue to which it is routed. Once an Order to purchase
                                         Digital Assets has been placed, the associated Client Assets (as defined below) used
                                         to fund the Order will be placed on hold and will generally not be eligible for other
                                         use or withdrawal.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
                                         each Connected Trading Venue, Coinbase shall establish an account in its name, or in
                                         its name for the benefit of clients, to trade on behalf of its clients, and the establishment
                                         of a Trading Account will not cause Client to have a direct legal relationship, or account
                                         with, any Connected Trading Venue. The Trading Platform will not intentionally match
                                         the buy and sell orders of its clients against each other and will not intentionally
                                         settle Orders against or otherwise trade with Coinbase&rsquo;s principal funds. Client
                                         acknowledges that Coinbase and its other clients may trade in their own interests on
                                         the Connected Trading Venues and could, therefore, be the counterparty to a Client Order
                                         on a Connected Trading Venue.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         acknowledges that Coinbase has sole discretion to determine the Connected Trading Venues
                                         with which it will establish connections. Coinbase will direct Orders to the Connected
                                         Trading Venues on an automated basis and generally will not manually route orders. In
                                         designing algorithms that determine an Order&rsquo;s routing logic, Coinbase considers
                                         a variety of factors relating to the Order and the Connected Trading Venues, including
                                         the speed of execution, whether the venue is able to consummate off-chain transactions,
                                         the availability of efficient and reliable systems, the level of service provided, and
                                         the cost of executing orders. Coinbase may receive cash payments or other financial incentives
                                         (such as reciprocal business arrangements) from Connected Trading Venues.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
                                         makes no representation or warranty of any kind regarding any Connected Trading Venue,
                                         including as to its financial condition, data, security or quality of its execution services,
                                         and shall
have no liability, obligation, or responsibility whatsoever for the selection or performance of any Connected Trading Venue. Digital
Assets may trade at different prices on different trading venues, and other Connected Trading Venues and/or trading venues not
used by Coinbase may offer better prices and/or lower costs than the Connected Trading Venue used to execute Client&rsquo;s Order.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2022 US Version 2.1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.5</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
                                         acts in an agency capacity for purposes of certain Orders, and may also act in a principal
                                         capacity for certain other Orders, as specified in the Coinbase Trading Rules. In the
                                         Request For Quotation (&ldquo;<U>RFQ</U>&rdquo;) service, Coinbase may act as principal
                                         to fill Orders by providing indicative firm pricing in accordance with a variety of market
                                         factors, at its sole discretion. Each Client should independently evaluate whether such
                                         services are appropriate given its own investing profile and sophistication, among other
                                         considerations.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Client
                                         Trading Balance and Vault Balance</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         purposes of this MTA, Client&rsquo;s Digital Assets are referred to as &ldquo;<U>Client
                                         Digital Assets</U>,&rdquo; Client&rsquo;s cash is referred to as &ldquo;<U>Client Cash</U>,&rdquo;
                                         and Client Digital Assets and Client Cash are together referred to as &ldquo;<U>Client
                                         Assets</U>.&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
                                         the Trading Platform, Coinbase provides access to two types of accounts with balances
                                         relating to Client Assets: (1) the &ldquo;<U>Trading Balance</U>&rdquo; (as described
                                         below in Section 2.3) and (2) the &ldquo;<U>Vault Balance</U>&rdquo; (as described below
                                         in Section 2.5). The Trading Account provides a record of both the Trading Balance and
                                         the Vault Balance. Client determines the allocation of its Client Digital Assets between
                                         the Trading Balance and the Vault Balance. Maintenance of the Vault Balance shall be
                                         subject to the terms of the Custody Agreement; <U>provided</U>, <U>however</U>, Client&rsquo;s
                                         Trading Balance is separate from any Digital Assets Client maintains directly with Coinbase
                                         Custody.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         Digital Assets credited to the Trading Balance are immediately available to Client for
                                         purposes of submitting an Order. Coinbase holds Digital Assets credited to the Trading
                                         Balance in one of three ways: (i) in omnibus hot wallets (each, an &ldquo;<U>Omnibus
                                         Hot Wallet</U>&rdquo;); (ii) in omnibus cold wallets (each, an &ldquo;<U>Omnibus Cold
                                         Wallet</U>&rdquo;); and (iii) in Coinbase&rsquo;s accounts with the Connected Trading
                                         Venues (&ldquo;<U>Coinbase Connected Trading Venue Digital Asset Balance</U>&rdquo;).
                                         Client agrees that Coinbase has sole discretion in determining the allocation of Digital
                                         Assets credited to the Trading Balance. Because Digital Assets credited to the Trading
                                         Balance are held on an omnibus basis and because of the nature of certain Digital Assets,
                                         Client does not have an identifiable claim to any particular Digital Asset. Instead,
                                         Client&rsquo;s Trading Balance represents an entitlement to a <I>pro rata</I> share of
                                         the Digital Assets Coinbase has allocated to the Omnibus Hot Wallets, Omnibus Cold Wallets
                                         and Coinbase Connected Trading Venue Digital Asset Balance. Coinbase relies on the Connected
                                         Trading Venues for the Coinbase Connected Trading Venue Digital Asset Balance, and Client
                                         has no contractual relationship with the Connected Trading Venues with respect to Digital
                                         Assets credited to the Trading Balance.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         may maintain Client Cash in the Trading Balance but not in the Vault Balance. Coinbase
                                         holds Client Cash credited to the Trading Balance in one of three ways: (i) in one or
                                         more omnibus accounts in Coinbase&rsquo;s name for the benefit of customers at one or
                                         more U.S. insured depository institutions (each, an &ldquo;<U>FBO account</U>&rdquo;);
                                         (ii) with respect to USD, liquid investments, which may include but are not limited to
                                         U.S. treasuries and money market funds, in accordance with state money transmitter laws;
                                         and (iii) in Coinbase&rsquo;s omnibus accounts at Connected Trading Venues. Coinbase
                                         will title the FBO accounts it maintains with U.S. depository institutions and maintain
                                         records of Client&rsquo;s interest in a manner designed to enable receipt of Federal
                                         Deposit Insurance Corporation (&ldquo;<U>FDIC</U>&rdquo;) deposit insurance, where applicable
                                         and up to the deposit insurance limits applicable under FDIC regulations and guidance,
                                         on Client Cash for the Client&rsquo;s benefit on a pass-through
basis. Coinbase does not guarantee that pass-through FDIC deposit insurance will apply to Client Cash, since such insurance is
dependent in part on compliance of the depository institutions. Coinbase may also title its accounts at some or all Connected
Trading Venues and maintain records of Client interests in those accounts in a manner consistent with FDIC requirements for pass-through
deposit insurance, but availability of pass-through deposit insurance, up to the deposit insurance limits applicable under FDIC
regulations and guidance, is also dependent on the actions of the Connected Trading Venues and any depository institutions they
use, which may not be structured to provide pass-through deposit insurance. FDIC insurance applies to cash deposits at banks and
other insured depository institutions in the event of a failure of that institution, and does not apply to any Coinbase Entity
or to any Digital Asset held by a Coinbase Entity on Client&rsquo;s behalf. Client Cash is immediately available to Client for
purposes of submitting an Order, unless a restriction applies.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2022 US Version 2.1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                         Client&rsquo;s election, all or a portion of Client Digital Assets may also be allocated
                                         to the Vault Balance which is held in a Custodial Account in Client&rsquo;s name at Coinbase
                                         Custody pursuant to the Custody Agreement. Such Vault Balance will be divided between
                                         segregated hot storage in Client&rsquo;s name (&ldquo;<U>Hot Vault Balance</U>&rdquo;)
                                         and segregated cold storage in Client&rsquo;s name (&ldquo;<U>Cold Vault Balance</U>&rdquo;).
                                         Client shall have sole discretion to allocate Digital Assets between the Hot Vault Balance
                                         and Cold Vault Balance. Digital Assets in the Hot Vault Balance may be transferred immediately
                                         to Client&rsquo;s Trading Balance unless a restriction applies. A transfer of Digital
                                         Assets in the Cold Vault Balance to Client&rsquo;s Trading Balance will be subject to
                                         Coinbase Custody&rsquo;s standard cold storage withdrawal procedures. Client hereby appoints
                                         Coinbase as Client&rsquo;s agent for purposes of instructing Coinbase Custody to transfer
                                         Client Digital Assets between Client&rsquo;s Vault Balance and Client&rsquo;s Trading
                                         Balance. Client agrees that an Instruction to Coinbase to settle an Order to or from
                                         Client&rsquo;s Vault Balance constitutes authorization to Coinbase to transfer Client
                                         Digital Assets to or from Client&rsquo;s Vault Balance as necessary or appropriate to
                                         consummate such settlement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         all circumstances and consistent with laws and regulations applicable to Coinbase, Coinbase
                                         will keep an internal ledger that specifies the Client Assets credited to Client&rsquo;s
                                         Trading Balance and enables Coinbase and its auditors and regulators to identify Client
                                         and the Client Assets.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
                                         treats all Client Assets as custodial assets held for the benefit of Client. No Client
                                         Assets credited to the Trading Balance shall be considered to be the property of, or
                                         loaned to, Coinbase, except as provided in any loan agreement between Client and any
                                         Coinbase Entity. Neither Coinbase nor any Coinbase Entity will sell, transfer, loan,
                                         rehypothecate or otherwise alienate Client&rsquo;s Assets credited to Client&rsquo;s
                                         Trading Balance unless instructed by Client pursuant to an agreement between Client and
                                         a Coinbase Entity.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Role
                                         of Coinbase Custody</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                         facilitate the Trading Services, Coinbase may at its sole discretion maintain portions
                                         of the Omnibus Hot Wallet and the Omnibus Cold Wallet in one or more custodial FBO accounts
                                         with its affiliate, Coinbase Custody. In such circumstances, although the Omnibus Hot
                                         Wallet and the Omnibus Cold Wallet are held in Coinbase&rsquo;s FBO accounts with Coinbase
                                         Custody, Client&rsquo;s legal relationship for purposes of Digital Assets held in the
                                         Omnibus Hot Wallet and the Omnibus Cold Wallet will not be, directly or indirectly, with
                                         Coinbase Custody and the terms, conditions and agreements relating to those wallets are
                                         to be governed by this MTA.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 34.95pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         Digital Assets held in the Hot Vault Balance and Cold Vault Balance are maintained directly
                                         between Client and Coinbase Custody in Client&rsquo;s name and are subject to the terms
                                         of the Client&rsquo;s Custody Agreement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cash
                                         and Digital Asset Deposits and Withdrawals</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>To
deposit Client Cash</U>, Client must initiate a transfer from a linked bank account, a wire transfer, a
SWIFT transfer, or other form of electronic payment approved by Coinbase from time to time to Coinbase&rsquo;s bank account, the
instructions for which are available on the Coinbase Prime Broker Site. Coinbase will credit the Trading Balance with Client Cash
once the associated cash is delivered to Coinbase.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2022 US Version 2.1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>To
                                         withdraw Client Cash</U>, Client may also initiate a withdrawal of Client Cash from the
                                         Trading Balance at any time using the withdrawal function on the Trading Platform.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>To
                                         deposit Client Digital Assets</U>, Clients may transfer Client Digital Assets directly
                                         to the Omnibus Hot Wallet or Omnibus Cold Wallet, the instructions for which are available
                                         on the Coinbase Prime Broker Site. Client may transfer funds to and among its Hot Vault
                                         Balance or Cold Vault Balance. When Client transfers Digital Assets to Coinbase or Coinbase
                                         Custody, it delivers custody and control of the Digital Assets to Coinbase, Coinbase
                                         Custody or Coinbase&rsquo;s designee, as applicable. Client represents and warrants that
                                         any Digital Asset so transferred shall be free and clear of all liens, claims and encumbrances.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>To
                                         withdraw Client Digital Assets</U>, Client must provide applicable Instructions via the
                                         Coinbase Prime Broker Site (&ldquo;<U>Withdrawal Transfer</U>&rdquo;). Once Client has
                                         initiated a Withdrawal Transfer, the associated Client Digital Assets will be in a pending
                                         state and will not be included in the Client&rsquo;s Trading Balance or Vault Balance.
                                         Client acknowledges that Coinbase may not be able to reverse a Withdrawal Transfer once
                                         initiated. Client may withdraw Client Digital Assets at any time, subject to delays for
                                         Digital Assets held in Cold Vault Balance, and any applicable account restrictions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         must verify all transaction information prior to submitting withdrawal Instructions to
                                         Coinbase, as Coinbase cannot and does not guarantee the identity of the wallet owner
                                         or bank account to which Client is sending Client Digital Assets or Client Cash, as applicable.
                                         Coinbase shall have no liability, obligation, or responsibility whatsoever for Client
                                         Cash or Client Digital Asset transfers sent to or received from an incorrect party or
                                         sent or received via inaccurate Instructions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Disruption
                                         to Trading Platform</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         acknowledges that electronic facilities and systems such as the Trading Platform are
                                         vulnerable to disruption, delay or failure and, consequently, such facilities and systems
                                         may be unavailable to Client as a result of foreseeable and unforeseeable events. Client
                                         understands and agrees that Coinbase does not guarantee uninterrupted access to the Trading
                                         Platform or all features of the Trading Services. Client acknowledges that although Coinbase
                                         will attempt to provide notice of any scheduled or unscheduled unavailability that would
                                         result in Client being unable to access the Trading Platform or the Trading Services,
                                         Coinbase cannot guarantee advanced notice to Client.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
                                         may, in its sole discretion, take any of the following actions, and in the case of clause
                                         (i), shall use reasonable efforts to provide Client with as much prior notice as is practicable:
                                         (i) halt or suspend Trading Services, including trading on the Trading Platform or the
                                         trading of any Digital Assets or currency, or (ii) impose limits on the amount or size
                                         of Client&rsquo;s Orders. Coinbase shall have no liability, obligation, or responsibility
                                         to Client as a result of making any changes to or suspending the Trading Platform.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Coinbase
                                         Trading Rules and Order Types</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         agrees to comply with the Coinbase Trading Rules in effect at the time of any Order.
                                         Client agrees to review and become familiar with the terms of the various types of Orders
                                         (each an &ldquo;<U>Order Type</U>&rdquo;) available through the Trading Service. A detailed
                                         description of the terms of all Orders is contained in the Coinbase Trading Rules. Coinbase
                                         reserves the right to modify the terms of any Order Type and the Coinbase Trading Rules
                                         at any time and without prior notice to Client, and Client acknowledges that it is solely
                                         responsible for ensuring knowledge of applicable Order Types and
Coinbase Trading Rules prior to placing an Order.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2022 US Version 2.1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
                                         may modify the terms of, or cancel, any Order executed on Trading Platform if Coinbase
                                         determines in its sole reasonable discretion that the Order was clearly erroneous according
                                         to the Coinbase Trading Rules. Coinbase shall have no liability, obligation, or responsibility
                                         to Client as a result of exercising its rights under this Section 6.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Coinbase
                                         Supported Digital Assets</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
determines in its sole discretion which Digital Assets to support for use with the Trading Services, as specified on the Coinbase
Prime Broker Site. Not all Digital Assets supported for Custodial Services are also supported for Trading Services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Coinbase
                                         Execution Services</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                         Coinbase&rsquo;s sole discretion, Client may elect to submit Orders to Coinbase Execution
                                         Services (&ldquo;<U>CES</U>&rdquo;), a Trading Service through which CES personnel will
                                         execute Orders on behalf of Client. CES will execute Orders by using automated trade
                                         routing services through Client&rsquo;s Prime Broker Account or by filling Orders on
                                         Coinbase&rsquo;s over-the-counter (&ldquo;<U>OTC</U>&rdquo;) trading service (&ldquo;<U>OTC
                                         Services</U>&rdquo;). Coinbase has sole and absolute discretion to accept or reject any
                                         Order. Coinbase and Client may communicate regarding Instructions related to Orders on
                                         a mutually agreed communication medium, including instant messaging, email, and telephone.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CES
                                         brokers Orders on a commercially reasonable basis as Client&rsquo;s agent and may exercise
                                         discretion in executing Orders. Client must pre-fund its Trading Balance and/or establish
                                         a credit arrangement with Coinbase prior to submitting Orders. By electing to use CES,
                                         Client agrees that it is authorizing CES personnel to access its Prime Broker Account
                                         to initiate and execute Orders. Client acknowledges that CES personnel will retain access
                                         to the Client Prime Broker Account until Client provides Coinbase with Instructions to
                                         terminate such access. Absent express written agreement between the Parties, Coinbase
                                         will accept Orders only from Authorized Representatives that are designated in the Client&rsquo;s
                                         Prime Broker Account as having trading authority with respect to the Prime Broker Account.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         OTC Services, CES personnel will confirm the terms of an Order (which terms shall include
                                         asset, quantity, price, settlement timing and fees) with Client prior to executing the
                                         Order. Coinbase has policies and procedures in place that are reasonably designed to
                                         prevent the disclosure of any Client identity to its OTC counterparty. Coinbase may,
                                         in its sole and absolute discretion, accept the following statements (or similar or analogous
                                         statements) as Client&rsquo;s final and binding agreement to the terms of an Order: &ldquo;done,&rdquo;
                                         &ldquo;I buy,&rdquo; &ldquo;bought,&rdquo; &ldquo;I sell,&rdquo; or &ldquo;sold.&rdquo;
                                         A completed, executed and settled Order will be reflected in Client&rsquo;s Prime Broker
                                         Account.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                         Orders fulfilled via OTC Services (&ldquo;<U>OTC Orders</U>&rdquo;), each of Client&rsquo;s
                                         and its OTC counterparty&rsquo;s confirmations of the terms of the OTC Order deems such
                                         OTC Order as binding and final, and thereby executed. Client&rsquo;s failure to timely
                                         settle an executed OTC Order in accordance with the settlement terms will constitute
                                         a default under the Coinbase Prime Brokerage Agreement. Upon Client&rsquo;s default of
                                         an OTC Order:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         addition to all rights under this Coinbase Prime Broker Agreement, Coinbase may exercise
                                         any rights of a secured creditor with respect to its interests in Client&rsquo;s assets,
                                         and may exercise all other rights under agreements between Client and any of the Coinbase
                                         Entities. The Coinbase Entities agree that they will exercise their secured creditor
                                         rights, including rights to setoff under Section 17 of the General Terms, with respect
                                         to Client&rsquo;s Trading Balance before exercising their secured creditor rights with
                                         respect to the Vault Balance in the Client&rsquo;s Custodial Account.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2022 US Version 2.1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         hereby grants to Coinbase a continuing first priority security interest in, lien on and
                                         right of set off against all of Client&rsquo;s right, title and interest, whether now
                                         owned or existingor hereafter acquired or arising, in Client&rsquo;s Trading Balance
                                         and Vault Balance in the Client&rsquo;s Custodial Account together with proceeds thereof,
                                         in order to secure repayment of costs, fees, and all other obligations of Client to Coinbase
                                         arising hereunder from time to time. Client shall execute such documents and take such
                                         other actions as Coinbase shall reasonably request in order to perfect and maintain the
                                         priority of the Coinbase&rsquo;s security interest with respect to Client&rsquo;s Trading
                                         Balance and Vault Balance in Client&rsquo;s Custodial Account.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
                                         hereby authorizes Coinbase Custody, as securities intermediary with respect to the Custodial
                                         Account, to comply with all instructions and entitlement orders from Coinbase, as secured
                                         party, with respect to the disposition of assets in Client&rsquo;s Vault Balance in the
                                         Custodial Account as contemplated herein without further consent or direction from Client
                                         or any other party. Coinbase Custody agrees to follow such instructions and entitlement
                                         orders without further consent or direction from Client or any other party.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                         prior notice to Client, Coinbase shall have the right to: (i) transfer Client Assets
                                         from Client&rsquo;s Trading Balance to Coinbase to settle the OTC Order subject to default,
                                         and/or (ii) liquidate or cancel outstanding OTC Orders (including OTC Orders that have
                                         been submitted or are in the process of being fulfilled).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                         prior notice to Client, Coinbase may suspend or terminate the Client&rsquo;s ability
                                         to receive extensions of credit from Coinbase Credit, regardless of whether Client has
                                         cured the default.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the above actions are not sufficient to satisfy all obligations of Client to Coinbase in respect of OTC Orders subject to default,
Coinbase shall have the right to liquidate any and all of Client&rsquo;s assets and positions held with Coinbase or Coinbase Custody,
including the Trading Balance and Vault Balance in Client&rsquo;s Custodial Account, to cover any Losses incurred by Client&rsquo;s
failure to settle the OTC Order. In connection with liquidating such assets, Client authorizes Coinbase, in Coinbase&rsquo;s sole
discretion, to liquidate any of Client&rsquo;s Digital Assets in a commercially reasonable sale at the market price that otherwise
applies to such Digital Assets at the time of liquidation, without regard to whether Client would recognize a gain or loss on
such sale or would recognize a greater or lesser gain or loss if different Digital Assets were sold. Client understands that the
value of Digital Assets may rise or fall quickly, and Coinbase has no obligation to liquidate Client&rsquo;s Digital Assets at
a time that provides the best price for Client. Client agrees that Digital Assets held in its Trading Balance and the Vault Balance
in Client&rsquo;s Custodial Account are of a kind or type customarily sold on recognized markets, subject to standard price quotations
and may decline speedily in value. Client agrees that if Coinbase exercises its setoff rights or secured party remedies against
Client&rsquo;s Digital Assets, that Coinbase may value such Digital Assets using the same valuation method and same process that
is otherwise used when Digital Assets are sold on the Trading Platform or any other commercially reasonable valuation method.
A sale by Coinbase of Client&rsquo;s Digital Assets, without notice, at a private sale using the valuation and method described
above shall be a commercially reasonable method of disposition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Determination
                                         of Suitability; All Risks Not Disclosed</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase&rsquo;s
provision of the Trading Services is neither a recommendation that Client enter into a particular Order nor a representation that
any product described on the Trading Platform is suitable or appropriate for Client. Many of the Trading Services described on
Trading Platform involve significant risks, and Client should not use the Trading Services unless it has fully understood all
such risks and has independently determined that such Orders are appropriate. Any discussion of the risks contained in this MTA
or on the Trading Platform should not be considered to be a disclosure of all risks or a complete discussion of the applicable
risks.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2022 US Version 2.1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Characterization
                                         of Trading Services; Not a Registered Broker-Dealer or Investment Adviser</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Client
understands and acknowledges that no transactions executed in connection with Client&rsquo;s Trading Account or the Trading Services
are securities transactions, and Coinbase is not registered with the U.S. Securities and Exchange Commission as a broker-dealer
or an investment adviser or licensed under any state securities laws. Coinbase is not acting as a fiduciary in respect of Client
(including in connection with its rights under this MTA) and does not have any responsibility under the standards governing the
conduct of broker-dealers, fiduciaries, investment advisers or investment managers. Client agrees and acknowledges that any information
or advice provided by Coinbase or any other Coinbase Entity does not and will not serve as the basis of any investment decision
by Client.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Coinbase
                                         Corporate Accounts</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
and its affiliates may transact through Trading Accounts on the Trading Platform (&ldquo;<U>Coinbase Corporate Accounts</U>&rdquo;)
for purposes including inventory management, to facilitate Client Orders, and for other corporate purposes. To the extent that
a Coinbase Corporate Account transacts on the Trading Platform, the Coinbase Corporate Account (i) will not have any special priority
vis-a-vis Client Orders and will be subject to the Coinbase Trading Rules, (ii) will trade only on Market Data available to all
Clients, and (iii) will not access any non-public data of other Clients. Coinbase&rsquo;s internal ledger will indicate the amount
of each Digital Asset held for each client and each such Coinbase Corporate Account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Term,
                                         Termination and Suspension</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regardless
                                         of any other provision of this MTA, Coinbase may, in its sole discretion, suspend, restrict
                                         or terminate the Client&rsquo;s Trading Services, including by suspending, restricting
                                         or closing the Client&rsquo;s Trading Account, in accordance with the General Terms.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         Client is subject to termination, Client agrees to transfer any Client Assets off the
                                         Trading Platform within thirty (30) days of receipt of the termination notice unless
                                         such transfer is otherwise prohibited (i) under applicable law, including any sanctions
                                         programs, or (ii) by a facially valid subpoena or court order. Client agrees to promptly
                                         provide Coinbase with Instructions as to where its Client Assets should be transferred,
                                         and agrees that failure to do so within thirty (30) days of receipt of notice of termination
                                         may result in Client Assets being transferred to the Client&rsquo;s linked bank account
                                         or Digital Asset wallet on file, in each case subject to off-set for any outstanding
                                         obligations to any Coinbase Entity in accordance with the General Terms. Final disbursement
                                         of assets may be delayed until any remaining obligations or indebtedness have been satisfied.
                                         Client is responsible for all debits, costs, commissions, and losses arising from any
                                         actions Coinbase must take to liquidate or close transactions in the Client&rsquo;s Trading
                                         Account.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Unclaimed
                                         Property</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Coinbase is holding Client Assets in the Trading Balance, has no record of Client&rsquo;s use of the Trading Services for an extended
period, and is otherwise unable to contact Client, Coinbase may be required under applicable laws, rules or regulations to report
these assets as unclaimed property and to deliver such unclaimed property to the applicable authority. Coinbase may deduct a dormancy
fee or other administrative charge from such unclaimed funds, as permitted by applicable laws, rules or regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2022 US Version 2.1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
1 of 14</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMENDMENT
TO THE COINBASE PRIME</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BROKER
AGREEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #1C212B">This
Amendment (&ldquo;<U>Amendment</U>&rdquo;), dated as of</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
30, 2024, dated by and between Coinbase Inc., (&ldquo;<U>Coinbase</U>&rdquo;), on behalf of itself and as agent for Coinbase,
Coinbase Custody Trust Company (&ldquo;<U>Coinbase Custody</U>&rdquo;), and, as applicable, Coinbase Credit, Inc. (&ldquo;<U>Coinbase
Credit</U>,&rdquo; and collectively with Coinbase and Coinbase Custody, the &ldquo;<U>Coinbase Entities</U>&rdquo;), and the party
or parties identified as a client thereunder (as such Coinbase Prime Broker Agreement may have been amended from time to time,
the &ldquo;<U>Original Agreement</U>&rdquo;), is entered into by the Coinbase Entities and Bitwise Ethereum ETF. Each Coinbase
Entity and each Client may be individually referred to as a &ldquo;<U>Party</U>&rdquo; and collectively, the &ldquo;<U>Parties</U>&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Parties desire to amend the Original Agreement as set forth in this Amendment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW
THEREFORE, in consideration of the mutual agreement as set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby mutually acknowledged, the Parties hereby agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<U>Defined Terms</U>. Capitalized terms used in this Amendment and not defined herein shall have the meanings assigned to such
terms in the Original Agreement.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
<U>Amendments</U>.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Coinbase Entities and each Client identified below hereby agree to amend the Original Agreement by adding Exhibit C attached hereto.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.
<U>Counterparts</U>. This Amendment may be executed in two or more counterparts (and by different parties on separate counterparts),
each of which shall be an original, but all of which together shall constitute one and the same instrument. Delivery of an executed
counterpart of a signature page of this Amendment in a portable document format (pdf) or by another electronic format shall be
as effective as delivery of a manually executed original counterpart of this Amendment.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
<U>Effectiveness</U>. This Amendment shall be deemed effective as of the first date set forth above in the introductory paragraph.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
<U>Ratification</U>. Upon this Amendment becoming effective pursuant to <U>Section 4</U> above, the Original Agreement shall be,
and be deemed to be, modified and amended in accordance with this Amendment. Except as specifically amended hereby, all of the
terms and conditions of the Original Agreement are in all respects ratified and confirmed, and all the terms, provisions and conditions
thereof shall be and remain in full force and effect. The Original Agreement as amended by this Amendment sets out all terms agreed
between the Parties and supersedes all other agreements between the Parties relating to its subject matter.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
Page Follows]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2023 US Version 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
2 of 14</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COINBASE,
INC. for itself and as agent for the Coinbase Entities</B></FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; vertical-align: bottom; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;<IMG SRC="bitwise_021.jpg" ALT="" STYLE="height: 20pt; width: 126pt"></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">Lauren Abendschein</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="white-space: nowrap">Senior Director</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD>
    <TD STYLE="white-space: nowrap">May 31, 2024</TD>
</TR></TABLE>


</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="ex104001.jpg" ALT="">&nbsp;</FONT></P>

</DIV>
<DIV STYLE='CLEAR:BOTH'></DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CLIENT:
BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the Bitwise Ethereum ETF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: left; width: 1%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By:</B></FONT></TD>
<TD STYLE="white-space: nowrap; text-align: justify"><IMG SRC="ex104002.jpg" ALT="">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: left; vertical-align: bottom">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD><TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Katherine
Dowling</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD><TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
Counsel &amp; VP</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date:</B></FONT></TD><TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
30, 2024</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2023 US Version 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
3 of 14</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT
C</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>to
the Coinbase Prime Broker Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>COINBASE
POST-TRADE FINANCING AGREEMENT</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Introduction</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Coinbase Post-Trade Financing Agreement (&ldquo;<U>PTFA</U>&rdquo;) dated as of May 23, 2024 pursuant to the Coinbase Prime Broker
Agreement dated as of May 23, 2024 (including the Custody Agreement, and the Coinbase Master Trading Agreement), as amended from
time to time, is entered into by and among the Client (as &ldquo;<U>Borrower</U>&rdquo;), Coinbase Credit (&ldquo;<U>Lender</U>&rdquo;),
Coinbase, Inc. (&ldquo;<U>Agent</U>&rdquo; or &ldquo;<U>Coinbase</U>&rdquo;), and Coinbase Custody as agent with respect to the
Borrower&rsquo;s balance of Digital Assets held in its Custodial Account (including any Vault Balance) pursuant to Borrower&rsquo;s
Custody Agreement to govern the extension of credit from Lender to Borrower for use in connection with trading Digital Assets
on Agent&rsquo;s Trading Platform. &ldquo;<U>Digital Assets</U>&rdquo; shall mean a digital asset (also called a &ldquo;cryptocurrency,&rdquo;
&ldquo;virtual currency,&rdquo; &ldquo;digital currency,&rdquo; or &ldquo;digital commodity&rdquo;) such as bitcoin, which is
based on the cryptographic protocol of a computer network that may be (i) centralized or decentralized, (ii) closed or open-source,
and (iii) used as a medium of exchange and/or store of value. Lender extends Trade Credits to Borrower in its sole discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise defined herein, capitalized terms used in this PTFA shall have the meanings assigned to them in the Coinbase Prime Broker
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trade
                                         Credits and Trading</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lender
agrees to lend to Borrower a specific quantity of Cash and/or Digital Assets in connection with the purchase or sale of Digital
Assets via the Agent&rsquo;s Trading Platform (&ldquo;<U>Trade Credits</U>&rdquo;) up to the Authorized Amount for use on the
Trading Platform. In the absence of Trade Credits or other financing arrangement authorized by Agent, Borrower must pre-fund its
Trading Balance on Agent&rsquo;s Trading Platform with Cash or Digital Assets (collectively and as defined in the MTA, &ldquo;<U>Client
Assets</U>&rdquo;) in order to buy or sell Digital Assets. Trade Credits may only be available for specified Digital Assets, as
determined by Lender in its sole discretion. &ldquo;<U>Cash</U>&rdquo; shall mean USD or any other currency as agreed between
the Borrower and Lender pursuant to the Schedule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the terms of this PTFA, Lender and Borrower will agree on certain terms of the extension of Trade Credits including the Authorized
Amount in a Schedule, substantially in the form attached as the Schedule hereto, that the Lender shall provide to the Borrower.
The Schedule, together with this PTFA, will constitute conclusive evidence of the terms agreed between Borrower and Lender with
respect to the Trade Credits. In the event of any inconsistency between the terms of such Schedule and this PTFA, this PTFA will
prevail.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2023 US Version 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
4 of 14</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Requesting
                                         a Trade Credit and the Trade Finance Debit Account</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
Lender has approved Borrower to receive Trade Credits up to the Authorized Amount, Borrower may place Order(s) pursuant to the
MTA, as applicable, in amounts up to Borrower&rsquo;s then-current Available Balance with respect to the specific asset, which
may include Cash, being borrowed. &ldquo;<U>Available Balance</U>&rdquo; shall mean the amount available to Borrower to place
Order(s), such amount to be calculated by the Agent and communicated to the Borrower. Borrower may request extension of a Trade
Credit at any time during the term of this PTFA by placing an Order(s) with Agent via the Trading Platform to buy or sell Digital
Assets in an amount that exceeds the relevant Client Assets in the Borrower&rsquo;s Trading Balance at the time such Order(s)
is submitted. The amount by which Borrower&rsquo;s Order exceeds the applicable Client Assets available in the Borrower&rsquo;s
Trading Balance shall constitute the specific quantity of a Trade Credit. A Trade Credit may not be in an amount that would cause
the USD notional amount of all Trade Credits outstanding to exceed the Authorized Amount. The USD notional amount of each Trade
Credit drawn in a Digital Asset will be determined by Agent, on the basis of the price for that Digital Asset that the Agent is
indicating via the Trading Platform.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lender
is under no obligation to continue to provide Trade Credits for certain specific fiat currencies and/or Digital Assets, and may
in its sole discretion impose black-out periods during which Trade Credits for any or all fiat currencies and/or Digital Assets
may be unavailable, <U>provided</U>, however, that Lender will provide Borrower advance notice of such black-out periods if feasible
to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lender
will establish in the name of Borrower a ledger entry for purposes of tracking Trade Credits extended by Lender (&ldquo;<U>Trade
Finance Debit Account</U>&rdquo;). The Trade Finance Debit Account shall reflect the cumulative Trade Credits that Lender has
extended during each Defined Interval (as defined below), both in terms of the aggregate notional value of the Trade Credits and
the Trade Credits denominated in specific Digital Assets. The Trade Finance Debit Account shall be conclusive, absent manifest
error, of the amount of Trade Credits extended by the Lender to the Borrower. &ldquo;<U>Defined Interval</U>&rdquo; shall mean
a twenty-four (24) hour period starting at 6:00 A.M. ET (or such other time as may be notified by Lender to Borrower from time
to time) on any day that Lender has extended Trade Credit to Borrower. For the avoidance of doubt, in the event that Lender extends
Trade Credit to Borrower prior to 6:00 A.M. ET on any given day, such notional amount of Trade Credit shall be included in the
aggregation of the Authorized Amount for the immediately prior day. Lender or Agent may revise the Defined Interval time period
referenced above upon 5 business days prior notice to Borrower.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
separate extension of Trade Credits is due and payable by the Settlement Deadline (as defined below) for that Trade Credit, as
dictated in Section 5.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
and Lender agree that Borrower may use the Trade Credits extended hereunder exclusively for the purpose of the execution of trades
on the Trading Platform. Borrower agrees that it is required to maintain the Trading Balance to be equal to or greater than the
USD notional value of all outstanding Trade Credits at the time of execution of trades on the Trading Platform, by asset, until
such Trade Credits have been repaid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2023 US Version 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
5 of 14</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the avoidance of doubt, Borrower acknowledges that this PTFA is not intended to be utilized for short selling of Digital Assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Credit
                                         Protection</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&ldquo;Financial
Assets&rdquo; Election</I>. Each Party hereby agrees that any Digital Assets and any item of property (whether investment property,
financial asset, security, general intangible or instrument (each as defined in the UCC) or Cash) and all proceeds of the foregoing,
credited to the Borrower&rsquo;s Trading Balance and Custodial Account shall be treated as a &ldquo;financial asset&rdquo; within
the meaning of NY UCC &sect;8-102(a)(9).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parties further agree and acknowledge that the Borrower&rsquo;s Trading Balance and Custodial Account constitutes &ldquo;securities
accounts&rdquo; under the UCC of the State of New York, and that Agent and Coinbase Custody are each a &ldquo;securities intermediary&rdquo;
with respect to the Trading Balance and Custodial Account, respectively, as that term is defined under NY UCC &sect;8-102(a)(14).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grant
of Security Interest</I>. Borrower hereby grants to Lender and Agent a continuing first priority security interest in, lien on
and right of set off against all of Borrower&rsquo;s right, title and interest, whether now owned or existing or hereafter acquired
or arising, in Borrower&rsquo;s Trading Balance and Custodial Account together with proceeds thereof, in order to secure (i) repayment
of Trade Credits to Lender, (ii) payment of all fees and other amounts owed by Borrower to Lender or Agent hereunder, and (iii)
all other obligations of Borrower&rsquo;s to the Lender and Agent arising hereunder from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No
Other Liens</I>. Borrower represents that the Trading Balance and Custodial Account shall be free and clear of all prior liens,
claims and encumbrances (other than liens solely in favor of the Lender and the Agent), and Borrower will not cause or allow the
Trading Balance or the Custodial Account, whether now owned or hereafter acquired, to be or become subject to any liens, security
interests, mortgages or encumbrances of any nature other than security interests solely in favor of the Lender and the Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Perfection</I>.
Borrower shall execute such documents and take such other actions as the Lender or Agent shall reasonably request in order to
perfect and maintain the priority of the Lender&rsquo;s and Agent&rsquo;s security interest with respect to Borrower&rsquo;s Trading
Balance and Custodial Account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Control
by Agent and Coinbase Custody.</I> For purposes of perfecting Lender&rsquo;s security interest in the Trading Balance, Agent holds
Borrower&rsquo;s Trading Balance for itself and also as agent for Lender, and has control over Borrower&rsquo;s Trading Balance
for its own benefit and for the benefit and on behalf of Lender. Agent agrees to follow entitlement orders of Lender as secured
party with respect to the Trading Balance without further consent of the Borrower.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Maintenance
of Collateral</I>. At all times during the term of this PTFA, the Borrower shall maintain a minimum aggregate balance in the Borrower&rsquo;s
Trading Balance in an amount
of Digital Assets as specified in the Schedule (the &ldquo;<U>Minimum Collateral Amount</U>&rdquo;). Borrower shall maintain the
types of collateral acceptable to Lender as specified in the Schedule under Acceptable Digital Assets and Cash for Collateral.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2023 US Version 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
6 of 14</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of perfecting Lender&rsquo;s and Agent&rsquo;s security interest in the Custodial Account, Coinbase Custody holds Borrower&rsquo;s
Custodial Account as agent for Lender and Agent, and has control over Borrower&rsquo;s Custodial Account for the benefit and on
behalf of Lender and Agent. Coinbase Custody agrees to follow entitlement orders of Lender or Agent as secured parties with respect
to the Custodial Account without further consent of the Borrower.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the Lender and Agent is authorized, but is not obligated, to use, apply, credit or transfer any and all interests in Borrower&rsquo;s
Trading Balance among the Coinbase Entities at any time, and without prior notice to Borrower, but only to the extent necessary
to satisfy any unpaid obligations of Borrower existing under a relevant agreement with the Coinbase Entities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Repayment
                                         of the Trade Credits</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
agrees to fully repay to Lender the Trade Credits extended during a Defined Interval by the Settlement Deadline for that Defined
Interval. The &ldquo;<U>Settlement Deadline</U>&rdquo; shall mean 6:00 P.M. Eastern Time on the calendar day immediately following
the start of a Defined Interval. Borrower is permitted to repay the Trade Credits at any time during the Defined Interval. Failure
of Borrower to fully repay the Trade Credits by the Settlement Deadline may result in an Event of Default (as defined in Section
7 below).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
acknowledges and agrees that the Lender, in its sole discretion, may accelerate the full repayment of the Trade Credits to a time
that is earlier than the Settlement Deadline (the &ldquo;<U>Accelerated Settlement Deadline</U>&rdquo;), if the aggregate value
of the Borrower&rsquo;s executed Orders falls below a certain threshold percentage of the outstanding Trade Credits extended to
the Borrower (the &ldquo;<U>Acceleration Threshold</U>&rdquo;), both of which shall be specified in the Schedule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
must repay Lender with the same type of asset that Lender provided in extending the applicable Trade Credit. Borrower&rsquo;s
repayment obligation shall be satisfied only when Lender receives good funds for Cash Trade Credits or the relevant Digital Asset
for Digital Asset Trade Credits. All Cash repayments must be made to Lender in good funds by the Settlement Deadline, regardless
of whether the Federal Reserve wire transfer system is open for business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
Trade Credits that are repaid during a Defined Interval can be re-borrowed during the same Defined Interval, but must be fully
repaid by the Settlement Deadline for that Defined Interval. Borrower agrees to comply with Lender&rsquo;s and Agent&rsquo;s settlement
instructions to fund Borrower&rsquo;s Trading Balance in order to repay the Trade Credits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fees
                                         for Trade Credits</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
agrees to pay Lender a fee for Lender&rsquo;s extension of financing to Borrower, and in accordance with terms specified in the
Schedule (&ldquo;<U>Fees</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2023 US Version 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
7 of 14</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Event
                                         of Default</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
understands and agrees that the following events shall constitute an event of default hereunder, and each shall be referred to
as an &ldquo;<U>Event of Default</U>.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
failure of Borrower to repay Trade Credits by the applicable Settlement Deadline;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
failure of Borrower to maintain the Minimum Collateral Amount as provided under Section 4(e) of the PTFA, provided that the Borrower
may withdraw any excess amount; ;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than as contemplated by 8(a) and 8(b) herein, a default by Borrower in the payment or performance of any of obligations, conditions,
covenants, representations, provisions or stipulations between Borrower and Lender, Agent, Coinbase Custody, or other Coinbase
Entities in this PTFA or any other agreement provided that, the Borrower shall have twenty four (24) hours after notice from Lender
or Agent to cure such default;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
event or circumstance occurs or exists that has a material adverse effect on the business, operations, prospects, property, assets,
liabilities or financial condition of Borrower, taken as a whole, or has a material adverse effect on the ability of Borrower
to perform its obligations under this PTFA or any other agreement, including the ability to repay any and all outstanding Trade
Credits;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors or dissolution
proceedings are instituted by or against the Borrower;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Borrower notifies Lender of its inability to or its intention not to perform its obligations under this PTFA or any other agreement,
or otherwise disaffirms, rejects, or repudiates any of its obligations this PTFA or any other agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Remedies
                                         on Default</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Borrower fails to make payment of Trade Credits by the applicable Settlement Deadline or Accelerated Settlement Deadline, or pay
any other amounts due hereunder when due, Agent, on behalf of Lender, may freeze the Borrower&rsquo;s ability to use the Trading
Platform.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
upon the occurrence of an Event of Default:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         outstanding extension of Trade Credit shall be immediately due and payable.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
In addition to all rights under the Coinbase Prime Broker Agreement, Lender or Agent may exercise any rights of a secured
creditor with respect to its interests in Borrower&rsquo;s assets, and may exercise all other rights under Agreements between
Borrower and Lender, Agent or Coinbase Custody, including the Lender&rsquo;s, Agent&rsquo;s or Coinbase Custody&rsquo;s
rights under
the Coinbase Prime Broker Agreement. Lender and Agent agree that they will exercise their secured creditor rights with respect
to the Trading Balance before exercising their secured creditor rights with respect to the Custodial Account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2023 US Version 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
8 of 14</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
hereby authorizes Agent, as securities intermediary with respect to the Trading Balance, to comply with all instructions and entitlement
orders from Lender, as secured party, with respect to the disposition of assets in Borrower&rsquo;s Trading Balance as contemplated
herein without further consent or direction from Borrower or any other party. Agent agrees to follow such instructions and entitlement
orders without further consent or direction from Borrower or any other party. Borrower hereby authorizes Coinbase Custody, as
securities intermediary with respect to the Custodial Account, to comply with all instructions and entitlement orders from Lender
or Agent, as secured party, with respect to the disposition of assets in Borrower&rsquo;s Custodial Account as contemplated herein
without further consent or direction from Borrower or any other party. Coinbase Custody agrees to follow such instructions and
entitlement orders without further consent or direction from Borrower or any other party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
prior notice to Borrower, Lender shall have the right to instruct Agent (and Agent agrees to comply with such instruction) to:
(i) transfer the Borrower&rsquo;s Client Assets from the Borrower&rsquo;s Trading Balance to the Lender to repay the unpaid Trade
Credits, and/or (ii) liquidate or cancel outstanding Orders (including Orders that have been submitted or are in the process of
being fulfilled).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
prior notice to Borrower, Lender may suspend or terminate the Borrower&rsquo;s ability to receive extensions of Trade Credits,
regardless of whether Borrower has cured the Event of Default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the above actions are not sufficient to satisfy all obligations of Borrower to Lender and Agent, Lender or Agent shall have the
right to liquidate any and all of Borrower&rsquo;s assets and positions held with Lender or Agent, including the Trading Balance
and the Custodial Account, to cover any losses incurred by Borrower&rsquo;s failure to repay the Trade Credits. In connection
with liquidating such assets, Borrower authorizes Lender or Agent, on Lender&rsquo;s behalf, in Lender&rsquo;s sole discretion,
to liquidate any of Borrower&rsquo;s Digital Assets in a commercially reasonable sale at the market price that otherwise applies
to such Digital Assets at the time of liquidation, without regard to whether Borrower would recognize a gain or loss on such sale
or would recognize a greater or lesser gain or loss if different Digital Assets were sold. Borrower understands that the value
of Digital Assets may rise or fall quickly, and neither Lender nor Agent has any obligation to liquidate Borrower&rsquo;s Digital
Assets at a time that provides the best price for Borrower. Borrower agrees that Digital Assets held in its Trading Balance and
Custodial Account are of a kind or type customarily sold on recognized markets, subject to standard price quotations and may threaten
to decline speedily in value. Borrower agrees that if Lender or Agent exercises its setoff rights or secured party remedies against
Borrower&rsquo;s Digital Assets, that Lender or Agent may value such Digital Assets using the same valuation method and same process
that is otherwise used when Digital Assets are sold on the Trading Platform or any other commercially reasonable valuation method.
A sale by Lender or Agent of Borrower&rsquo;s Digital Assets, without notice, at a private sale using the valuation and method
described above shall be a commercially reasonable method of disposition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2023 US Version 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
9 of 14</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change
                                         to Authorized Amount</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lender
reserves the right to change the Authorized Amount from time to time in its sole discretion. Lender will provide advance notice
to the Borrower if feasible to do so. Borrower shall at all times be able to view and verify the current Authorized Amount on
the Coinbase Prime Broker Site. Borrower acknowledges that a reduction to the Authorized Amount may result in the liquidation
or cancellation of outstanding Orders (including Orders that have been submitted or are in the process of being fulfilled) if
such reduction in the Authorized Amount causes Borrower&rsquo;s Trading Balance to have inadequate funds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Authorized
Amount</U>&rdquo; shall mean the aggregate U.S. Dollar (&ldquo;USD&rdquo;) notional amount of Trade Credits that Lender has agreed
to extend to Borrower during any Defined Interval, and as specified in the Schedule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial
                                         Reporting; Information Requests</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
will deliver to Lender each of the following, in form and substance acceptable to Lender in its sole discretion:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
                                         soon as available, and in any event within 120 days after the end of each fiscal year
                                         of Borrower, the annual audited financial statements of Borrower prepared in accordance
                                         with generally accepted accounting principles in the United States of America (&ldquo;<U>GAAP</U>&rdquo;),
                                         together with an audit report thereon issued by independent certified public accountants
                                         certified in the United States of America and of recognized national standing (without
                                         a &ldquo;going concern&rdquo; or like qualification or exception and without any qualification
                                         or exception as to the scope of such audit);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">within
                                         20 days after the end of each calendar month, a monthly statement setting forth Client&rsquo;s
                                         Net Asset Value (exclusive of withdrawals and redemptions), Total Assets and Total Liabilities
                                         as of such date (as each term is defined or understood under GAAP), together with percentage
                                         changes in Net Asset Value (exclusive of withdrawals and redemptions) compared to the
                                         last business day of the immediately preceding calendar month, the last business day
                                         of the third calendar month immediately preceding such calendar month, and as of the
                                         last business day of the same month in the immediately preceding calendar; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">promptly
                                         upon request, such additional information regarding the financial performance, results,
                                         projections, position or business of Borrower as Lender may reasonably request, including,
                                         without limitation, (i) leverage data, (ii) portfolio composition, (iii) good faith oral
                                         estimates of Net Asset Value and (iv) portfolio liquidity.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Effect
                                         of Forks or Airdrops</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the blockchain of a Digital Asset for which a Trade Credit is extended is the subject of a &ldquo;hard fork&rdquo;
or &ldquo;airdrop&rdquo; during the Defined Interval, Borrower will receive the benefit and
ownership of any incremental tokens generated with respect to that Trade Credit as a result of the hard fork or airdrop, <U>provided
</U>that Lender or Agent may, in their sole discretion, decide whether or not to support (or cease supporting) either branch of
the forked blockchain or any airdropped Digital Asset entirely. For the avoidance of doubt, Borrower will receive no benefit or
ownership of any incremental tokens with respect to any portion of the Authorized Amount that is not associated with a Trade Credit.
Borrower acknowledges and agrees that Lender and Agent assume absolutely no liability, obligation, or responsibility whatsoever
in respect to unsupported hard forks or airdrops.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2023 US Version 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
10 of 14</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>12.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Termination</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Parties may terminate this PTFA immediately upon giving the other Party written notice. Upon notice of termination under this
provision, all outstanding extensions of Trade Credits shall become due and payable immediately. All obligations of Borrower with
respect to outstanding Trade Credits and other amounts due hereunder, and rights of Lender and Agent in connection therewith shall
survive the termination of this PTFA, including Lender&rsquo;s and Agent&rsquo;s security interest in Borrower&rsquo;s Trading
Balance and Custodial Account and Lender, Agent&rsquo;s and Coinbase Custody&rsquo;s right of set-off under the Coinbase Prime
Broker Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Borrower
                                         Representations and Warranties</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
hereby represents and warrants that, as of the date of this PTFA and continuing through the term of this PTFA:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
(i) has the power to execute and deliver this PTFA, to enter into the extension of Trade Credits contemplated hereby and to perform
its obligations hereunder, (ii) has taken all necessary action to authorize such execution, delivery and performance, and (iii)
this PTFA constitutes a legal, valid, and binding obligation enforceable against it in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
It is an eligible contract participant (&ldquo;<U>ECP</U>&rdquo;) for purposes of the Commodity Exchange Act (the
&ldquo;<U>CEA</U>&rdquo;) and all U.S. Commodity Futures Trading Commission regulations thereunder (&ldquo;<U>CFTC
Regulations</U>&rdquo;). Any information provided to Lender, Agent, or their affiliates for purposes of onboarding and due
diligence regarding Borrower&rsquo;s ECP status and other financial information is true and correct in all material respects.
Borrower further agrees that it will at all times maintain its status as an ECP as that term is defined in the CEA and CFTC
Regulations. If Borrower at any time during the pendency of this PTFA ceases to be an ECP, Borrower will notify Lender and
Agent immediately. Borrower acknowledges and understands that if it ceases to be an ECP during the pendency of this PTFA,
Lender will not make any new Trade Credits to the Borrower.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;It
has not relied on Lender or Agent for any tax or accounting advice concerning this PTFA and that it has made its own determination
as to the tax and accounting treatment of any Trade Credit, any Digital Assets or funds received or provided hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is acting for its own account.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2023 US Version 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
11 of 14</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is sophisticated and fully familiar with the inherent risks involved in the transaction contemplated in this PTFA, including risk
of new financial regulatory requirements, potential loss of money and risks due to volatility of the price of Digital Assets and
voluntarily takes full responsibility for any risk to that effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is not insolvent and is not subject to any bankruptcy or insolvency proceedings under any applicable laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no proceedings pending or, to its knowledge, threatened, which could reasonably be anticipated to have any adverse effect
on the transactions contemplated by this PTFA or the accuracy of the representations and warranties hereunder or thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
its knowledge the transactions contemplated in this PTFA are not prohibited by law or other authority in the jurisdiction of its
place of incorporation, place of principal office, or residence and that it has necessary licenses and registrations to operate
in the manner contemplated in this PTFA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
has, or will have at the time of repayment of any Trade Credits, the right to deliver such Cash and Digital Assets subject to
the terms and conditions hereof, free and clear of all liens and encumbrances other than those arising under this PTFA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rights
                                         and Remedies Cumulative</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
delay or omission by the Lender or Agent in exercising any right or remedy hereunder shall operate as a waiver of the future exercise
of that right or remedy or of any other rights or remedies hereunder. All rights of the Lender and Agent stated herein are cumulative
and in addition to all other rights provided by law, in equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Collection
                                         Costs</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event Borrower fails to pay its Fees or any other amounts due, or to return any Digital Assets or Cash upon the occurrence
of any Event of Default in Section 7 hereunder, Borrower shall, upon demand, pay to Lender all reasonable costs and expenses,
including reasonable attorneys&rsquo; fees and court costs, trading fees, and technology costs incurred by the Lender, Agent or
Coinbase Custody in connection with the enforcement of its rights hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Incorporation
                                         by Reference</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Coinbase Prime Broker Agreement, including the General Terms and all exhibits, addenda, policies, and supplements attached thereto
and referenced therein, are hereby incorporated by reference in this PTFA and made a part hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2023 US Version 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
12 of 14</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
PTFA and the Coinbase Prime Broker Agreement shall not be deemed in conflict based on the fact that a document is silent on a
topic that is affirmatively addressed in another document. In the event of an irreconcilable conflict between this PTFA and the
Coinbase Prime Broker Agreement, this PTFA shall control as it relates to the extension of Trade Credits from Lender to Borrower
for use in connection with trading Digital Assets on Agent&rsquo;s Trading Platform. For the avoidance of doubt, the Coinbase
Master Trading Agreement shall control as it relates to Borrower&rsquo;s Trading Account and the trading on the Trading Platform.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>[Signatures
on following page]</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2023 US Version 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
13 of 14</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B>, this PTF Agreement is executed as of the date above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LENDER:
COINBASE CREDIT, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By:</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><IMG SRC="ex104003.jpg" ALT=""></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Matt
Boyd</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Head
of Prime Finance</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 10%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date:</B></FONT></TD><TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
30, 2024</FONT></TD>
</TR></TABLE>

</DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="ex104001.jpg" ALT="">&nbsp;</FONT></P>

</DIV>
<DIV STYLE='CLEAR:BOTH'></DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BORROWER:
BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the Bitwise Ethereum ETF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By:</B></FONT></TD><TD STYLE="text-align: justify; width: 95%"><IMG SRC="ex104002.jpg" ALT=""></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Katherine
Dowling</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
Counsel &amp; VP</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date:</B></FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
                                                                                                                                          30, 2024</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AGENT:
COINBASE, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="vertical-align: bottom; padding-right: 4pt; white-space: nowrap; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By:</B></FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="bitwise_021.jpg" ALT="" STYLE="height: 20pt; width: 126pt">&nbsp;</FONT></P>
</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD>
    <TD>Lauren Abendschein</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD>Senior Director</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date:</B></FONT></TD>
    <TD>May 31, 2024</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2023 US Version 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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14 of 14</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COINBASE
CUSTODY TRUST COMPANY, LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="vertical-align: bottom; padding-right: 4pt; white-space: nowrap; text-align: left; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By:</B></FONT></TD>
    <TD STYLE="white-space: nowrap"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="bitwise_021.jpg" ALT="" STYLE="height: 20pt; width: 126pt">&nbsp;</FONT></P></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">Lauren Abendschein</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">Senior Director</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-right: 4pt; white-space: nowrap; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">May 31, 2024</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
2023 US Version 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



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<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>9
<FILENAME>ex10-5.htm
<DESCRIPTION>CASH CUSTODY AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="bitwise-s1a_053124.htm">Bitwise Ethereum ETF S-1/A</A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXECUTION COPY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><IMG SRC="ex105001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CUSTODY AGREEMENT</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>By and Between</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>THE BANK OF NEW YORK MELLON</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>And</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>BITWISE ETHEREUM ETF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="margin-top: 0; margin-bottom: 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: 54%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BNY MELLON AND CUSTOMER CONFIDENTIAL</B></FONT></TD>
    <TD STYLE="width: 46%; font-size: 10pt; text-align: right">EXECUTION COPY</TD></TR>
</TABLE>
<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>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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><B>1.</B></TD>
    <TD COLSPAN="2"><B>DEFINITIONS</B></TD>
    <TD STYLE="text-align: right"><B>1</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 85%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>2.</B></TD>
    <TD COLSPAN="2"><B>APPOINTMENT OF CUSTODIAN; ACCOUNTS</B></TD>
    <TD STYLE="text-align: right"><B>3</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2.1</TD>
    <TD>Appointment of Custodian</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>2.2</TD>
    <TD>Establishment of Accounts</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>3.</B></TD>
    <TD COLSPAN="2"><B>AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS</B></TD>
    <TD STYLE="text-align: right"><B>3</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>3.1</TD>
    <TD>Authorized Persons</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>3.2</TD>
    <TD>Instructions</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>3.3</TD>
    <TD>BNY Mellon Actions Without Instructions</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>3.4</TD>
    <TD>Funds Transfers</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>3.5</TD>
    <TD>Electronic Access</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>4.</B></TD>
    <TD COLSPAN="2"><B>AGENTS</B></TD>
    <TD STYLE="text-align: right"><B>5</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>4.1</TD>
    <TD>Use of Agents</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>5.</B></TD>
    <TD COLSPAN="2"><B>TAX MATTERS</B></TD>
    <TD STYLE="text-align: right"><B>6</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>5.1</TD>
    <TD>Responsibility for Taxes</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>5.2</TD>
    <TD>Payments</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>6.</B></TD>
    <TD COLSPAN="2"><B>CREDITS AND ADVANCES</B></TD>
    <TD STYLE="text-align: right"><B>6</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>6.1</TD>
    <TD>Advances</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>6.2</TD>
    <TD>Repayment</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>6.3</TD>
    <TD>Securing Repayment</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>6.4</TD>
    <TD>Setoff</TD>
    <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>7.</B></TD>
    <TD COLSPAN="2"><B>STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA</B></TD>
    <TD STYLE="text-align: right"><B>7</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>7.1</TD>
    <TD>Statements</TD>
    <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>7.2</TD>
    <TD>Books and Records</TD>
    <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>7.3</TD>
    <TD>Third Party Data</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>8.</B></TD>
    <TD COLSPAN="2"><B>DISCLOSURES</B></TD>
    <TD STYLE="text-align: right"><B>8</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>8.1</TD>
    <TD>Foreign Exchange Transactions</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>8.2</TD>
    <TD>Investment of Cash</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>9.</B></TD>
    <TD COLSPAN="2"><B>REGULATORY MATTERS</B></TD>
    <TD STYLE="text-align: right"><B>9</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>9.1</TD>
    <TD>USA PATRIOT Act</TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>9.2</TD>
    <TD>Sanctions; Anti-Money Laundering</TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>10.</B></TD>
    <TD COLSPAN="2"><B>COMPENSATION</B></TD>
    <TD STYLE="text-align: right"><B>10</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>10.1</TD>
    <TD>Fees and Expenses</TD>
    <TD STYLE="text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>10.2</TD>
    <TD>Other Compensation</TD>
    <TD STYLE="text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>11.</B></TD>
    <TD COLSPAN="2"><B>REPRESENTATIONS, WARRANTIES AND COVENANTS</B></TD>
    <TD STYLE="text-align: right"><B>11</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>11.1</TD>
    <TD>BNY Mellon</TD>
    <TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>11.2</TD>
    <TD>Customer</TD>
    <TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>12.</B></TD>
    <TD COLSPAN="2"><B>LIABILITY</B></TD>
    <TD STYLE="text-align: right"><B>11</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>12.1</TD>
    <TD>Standard of Care</TD>
    <TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>12.2</TD>
    <TD>Limitation of Liability</TD>
    <TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>12.3</TD>
    <TD>Force Majeure</TD>
    <TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>12.4</TD>
    <TD>Indemnification</TD>
    <TD STYLE="text-align: right">12</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&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><B>13.</B></TD>
    <TD COLSPAN="2"><B>CONFIDENTIALITY</B></TD>
    <TD STYLE="text-align: right"><B>13</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">13.1</TD>
    <TD STYLE="width: 85%">Confidentiality Obligations</TD>
    <TD STYLE="width: 5%; text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>13.2</TD>
    <TD>Exceptions</TD>
    <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>14.</B></TD>
    <TD COLSPAN="2"><B>TERM AND TERMINATION</B></TD>
    <TD STYLE="text-align: right"><B>13</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>14.1</TD>
    <TD>Term</TD>
    <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>14.2</TD>
    <TD>Termination</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>14.3</TD>
    <TD>Effect of Termination</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>14.4</TD>
    <TD>Survival</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>15.</B></TD>
    <TD COLSPAN="2"><B>GENERAL</B></TD>
    <TD STYLE="text-align: right"><B>14</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>15.1</TD>
    <TD>Assignment</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>15.2</TD>
    <TD>Amendment</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>15.3</TD>
    <TD>Governing Law/Forum</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>15.4</TD>
    <TD>Business Continuity/Disaster Recovery</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>15.5</TD>
    <TD>Non-Fiduciary Status</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>15.6</TD>
    <TD>Notices</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>15.7</TD>
    <TD>Entire Agreement</TD>
    <TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>15.8</TD>
    <TD>No Third Party Beneficiaries</TD>
    <TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>15.9</TD>
    <TD>Counterparts/Facsimile</TD>
    <TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>15.10</TD>
    <TD>Interpretation</TD>
    <TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>15.11</TD>
    <TD>No Waiver</TD>
    <TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>15.12</TD>
    <TD>Headings</TD>
    <TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>15.13</TD>
    <TD>Severability</TD>
    <TD STYLE="text-align: right">17</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CUSTODY AGREEMENT</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: justify; text-indent: 0.5in">This Custody Agreement
is made and entered into as of the latest date set forth on the signature page hereto (the &ldquo;<B>Effective Date</B>&rdquo;)
by and between <B>THE BANK OF NEW YORK MELLON</B>, a New York state chartered bank (&ldquo;<B>BNY Mellon</B>&rdquo;), and <B>BITWISE
ETHEREUM ETF</B>, a Delaware Statutory Trust (&ldquo;<B>Customer</B>&rdquo;). BNY Mellon and Customer are collectively referred
to as the &ldquo;<B>Parties</B>&rdquo; and individually as a &ldquo;<B>Party</B>&rdquo;.</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: center"><B>RECITALS</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: justify; text-indent: 0.5in">WHEREAS, Customer wishes
to appoint BNY Mellon as the custodian of certain of its assets, and BNY Mellon is willing to provide such services on the terms
and conditions set forth herein.</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 mutual covenants and agreements set forth herein, and intending to be legally bound, the Parties agree as
follows.</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>DEFINITIONS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Whenever used in this Agreement,
the following words have the meanings set forth below:</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">&ldquo;<B>Account</B>&rdquo;
or &ldquo;<B>Accounts</B>&rdquo; has the meaning set forth in Section 2.2.</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">&ldquo;<B>Affiliate</B>&rdquo;
means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by or under common control
with such entity.</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">&ldquo;<B>Agreement</B>&rdquo;
means, collectively, this Custody Agreement, any Exhibits hereto and any other documents incorporated herein by reference.</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">&ldquo;<B>Anti-Money Laundering
Laws</B>&rdquo; means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and
requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT
Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority
with jurisdiction over Customer.</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">&ldquo;<B>Assets</B>&rdquo; has
the meaning set forth in Section 2.1(a).</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">&ldquo;<B>Authorized Person</B>&rdquo;
has the meaning set forth in Section 3.1.</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">&ldquo;<B>BNY Mellon</B>&rdquo;
has the meaning set forth in the introductory paragraph.</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">&ldquo;<B>Cash</B>&rdquo; means
the money and currency of any jurisdiction which BNY Mellon accepts for deposit in an Account.</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">&ldquo;<B>Confidential Information</B>&rdquo;
means, with respect to a Party, the terms of this Agreement and all non-public business and financial information of such Party
(including, with respect to Customer, information regarding the Accounts and including, with respect to BNY Mellon, information
regarding its practices and procedures related to the services provided hereunder) disclosed to the other Party in connection with
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Customer</B>&rdquo;
has the meaning set forth in the introductory paragraph.</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">&ldquo;<B>Data Terms Website</B>&rdquo;
means <I><U>http://www.bnvmellon.com/products/assetservicing/vendoragreement.pdf</U></I> or any successor website the address of
which is provided by BNY Mellon to Customer.</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">&ldquo;<B>Effective Date</B>&rdquo;
has the meaning set forth in the introductory paragraph.</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">&ldquo;<B>Electronic Access Services</B>&rdquo;
means such services made available by BNY Mellon or a BNY Mellon Affiliate to Customer to electronically access information relating
to the Accounts and/or transmit Instructions.</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">&ldquo;<B>Instructions</B>&rdquo;
means, with respect to this Agreement, instructions issued to BNY Mellon by way of (a) one of the following methods (each as and
to the extent specified by BNY Mellon as available for use in connection with the services hereunder): (i) the Electronic Access
Services; (ii) third-party electronic communication services containing, where applicable, appropriate authorization codes, passwords
or authentication keys, or otherwise appearing on their face to have been transmitted by an Authorized Person or (iii) third-party
institutional trade matching utilities used to effect transactions in accordance with such utility&rsquo;s customary procedures
or (b) such other method as may be agreed upon by the Parties and that appear on their face to have been transmitted by an Authorized
Person.</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">&ldquo;<B>Market Data</B>&rdquo;
means pricing, valuations or other commercially sourced data applicable to any security. Market Data also includes security identifiers,
bond ratings and classification data.</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">&ldquo;<B>Market Data Providers</B>&rdquo;
means vendors and analytics providers and any other Person providing Market Data to BNY Mellon.</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">&ldquo;<B>Oral Instructions</B>&rdquo;
means, with respect to this Agreement, spoken instructions issued to BNY Mellon and reasonably believed by BNY Mellon to be from
an Authorized Person.</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">&ldquo;<B>Party</B>&rdquo; or
&ldquo;<B>Parties</B>&rdquo; has the meaning set forth in the introductory paragraph.</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">&ldquo;<B>Person</B>&rdquo; or
&ldquo;<B>Persons</B>&rdquo; means any entity or individual.</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">&ldquo;<B>Sanctions</B>&rdquo;
means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority
of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) or any other
applicable domestic or foreign authority with jurisdiction over Customer.</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">&ldquo;<B>Series</B>&rdquo; means
the respective portfolios, if any, of Customer listed on Appendix I to this Agreement. If no portfolios are listed on Appendix
I to this Agreement then a reference to a Series means Customer.</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">&ldquo;<B>Standard of Care</B>&rdquo;
has the meaning set forth in Section 12.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Tax Obligations</B>&rdquo;
means taxes, withholding, certification and reporting requirements, claims for exemptions or refund, interest, penalties, additions
to tax and other related expenses.</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">&ldquo;<B>Third Party Data</B>&rdquo;
has the meaning set forth in Section 7.3(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>APPOINTMENT OF CUSTODIAN; ACCOUNTS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.1</B></TD><TD STYLE="text-align: justify"><B>Appointment of Custodian</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Customer hereby appoints BNY Mellon as custodian of all Cash to be held under, and in accordance
with the terms of, this Agreement (collectively, &ldquo;<B>Assets</B>&rdquo;), and BNY Mellon hereby accepts such appointment.
The Parties acknowledge and agree that BNY Mellon&rsquo;s duties pursuant to such appointment will be limited solely to those duties
expressly undertaken pursuant to this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, BNY Mellon has no obligation:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">With respect to any Assets until they are actually received in an Account;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">To inquire into, make recommendations, supervise or determine the suitability of any transactions
affecting any Account or to question any Instructions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">To determine the adequacy of title to, or the validity or genuineness of, any Assets received by
it or delivered by it pursuant to this Agreement; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">With respect to any matters related to: the establishment, maintenance operation or termination
of Customer; or the offer, sale or distribution of the shares of, or interests in, Customer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Cash held hereunder may be subject to additional deposit terms and conditions issued by BNY Mellon
from time to time, including rates of interest and deposit account access.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.2</B></TD><TD STYLE="text-align: justify"><B>Establishment of Accounts</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">BNY Mellon will establish and
maintain a separate account for each Series in which BNY Mellon will hold Assets relating to the relevant Series as provided herein
(each, an &ldquo;<B>Account</B>,&rdquo; and collectively, the &ldquo;<B>Accounts</B>&rdquo;). The Account of each Series established
under this Agreement shall be maintained separately from the Account of each other Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.1</B></TD><TD STYLE="text-align: justify"><B>Authorized Persons</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Promptly following the Effective
Date, Customer and/or its designee (including any of Customer&rsquo;s investment managers) will furnish BNY Mellon with one or
more written lists or other documentation acceptable to BNY Mellon specifying the names and titles of, or otherwise identifying,
all Persons authorized to act on behalf of Customer (with respect to a particular Series, if applicable) with respect to this Agreement
(each, an &ldquo;<B>Authorized Person</B>&rdquo;). Customer will be responsible for keeping such lists and/or other documentation
current, and will update such lists and/or other documentation, as necessary from time to time, pursuant to Instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.2</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Instructions</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Except as otherwise expressly provided in this Agreement, BNY Mellon will have no obligation to
take any action hereunder unless and until it receives Instructions issued in accordance with this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Customer will be responsible for ensuring that (i) only Authorized Persons issue Instructions to
BNY Mellon and (ii) all Authorized Persons safeguard and treat with extreme care any user and authorization codes, passwords and
authentication keys used in connection with the issuance of Instructions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Where Customer may or is required to issue Instructions, such Instructions will be issued by an
Authorized Person.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">BNY Mellon will be entitled to deal with any Authorized Person until notified otherwise pursuant
to Instructions, and will be entitled to act and rely upon any Instruction received by BNY Mellon.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">All Instructions must include all information necessary, and must be delivered using such methods
and in such format as BNY Mellon may require and be received within BNY Mellon&rsquo;s established cut-off times and otherwise
in sufficient time, to enable BNY Mellon to act upon such Instructions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">BNY Mellon may in its sole discretion decline to act upon any Instructions that do not comply with
requirements set forth in Section 3.2(e) or that conflict with applicable law or regulations or BNY Mellon&rsquo;s operating policies
and practices, in which event BNY Mellon will promptly notify Customer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">Customer acknowledges that while it is not part of BNY Mellon&rsquo;s normal practices and procedures
to accept Oral Instructions, BNY Mellon may in certain limited circumstances accept Oral Instructions. In such event, such Oral
Instructions will be deemed to be Instructions for purposes of this Agreement. An Authorized Person issuing such an Oral Instruction
will promptly confirm such Oral Instruction to BNY Mellon in writing. Notwithstanding the foregoing, Customer agrees that the fact
that such written confirmation is not received by BNY Mellon, or that such written confirmation contradicts the Oral Instruction,
will in no way affect (i) BNY Mellon&rsquo;s reliance on such Oral Instruction or (ii) the validity or enforceability of transactions
authorized by such Oral Instruction and effected by BNY Mellon.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">Customer acknowledges and agrees that it is fully informed of the protections and risks associated
with the various methods of transmitting Instructions to BNY Mellon and that there may be more secure methods of transmitting Instructions
than the method selected by the sender. Customer agrees that the security procedures, if any, to be followed by Customer and BNY
Mellon with respect to the transmission and authentication of Instructions provide to Customer a commercially reasonable degree
of protection in light of its particular needs and circumstances.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.3</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>BNY
                                         Mellon Actions Without Instructions</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Notwithstanding anything to the
contrary set forth in this Agreement, Customer hereby authorizes BNY Mellon, without Instructions, to take any administrative or
ministerial actions with respect to the Accounts that it deems reasonably necessary or appropriate to perform its obligations under
this Agreement, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Receive income and other payments due to the Accounts;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Endorse for collection checks, drafts or other negotiable instruments received on behalf of the
Accounts; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Execute and deliver, solely in its capacity as custodian, certificates, documents or instruments
incidental to BNY Mellon&rsquo;s performance under this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>3.4</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Funds
                                         Transfers</B></FONT></TD>
</TR></TABLE>

<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">With respect to each Instruction
for a Cash transfer, when the Instruction is to credit or pay a party by both a name and a unique numeric or alpha-numeric identifier
(e.g., IBAN or ABA or account number), BNY Mellon and any other bank participating in the Cash transfer will be entitled to rely
solely on such numeric or alpha-numeric identifier, even if it identifies a party different from the party named. Such reliance
on an identifier will apply to beneficiaries named in the Instruction, as well as any financial institution that is designated
in the Instruction to act as an intermediary in such Cash transfer. To the extent permitted by applicable law, the Parties will
be bound by the rules of any transfer system used to effect a Cash transfer under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>3.5</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Electronic
                                         Access</B></FONT></TD>
</TR></TABLE>

<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">If Customer elects to use the
Electronic Access Services in connection with this Agreement, the use thereof will be subject to any terms and conditions contained
in a separate written agreement between the Parties or their Affiliates. If an Authorized Person elects, with BNY Mellon&rsquo;s
prior consent, to transmit Instructions through a third-party electronic communications service, BNY Mellon will not be responsible
or liable for the reliability or availability of any such service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>4.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>AGENTS</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>4.1</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Use
                                         of Agents</B></FONT></TD>
</TR></TABLE>

<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">BNY Mellon may appoint agents,
including BNY Mellon Affiliates, on such terms and conditions as it deems appropriate to perform its obligations hereunder. Except
as otherwise specifically provided herein, no such appointment will discharge BNY Mellon from its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>5.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>TAX
                                         MATTERS</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>5.1</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Responsibility
                                         for Taxes</B></FONT></TD>
</TR></TABLE>

<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">Customer will be responsible
and liable for all Tax Obligations with respect to any Assets held on behalf of Customer and any transaction related thereto. Customer
acknowledges and agrees that BNY Mellon and its Affiliates are not tax advisers and will not under any circumstances provide tax
advice to Customer. Customer will obtain its own independent tax advice for any tax-related matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>5.2</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Payments</B></FONT></TD>
</TR></TABLE>

<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">Where BNY Mellon receives Instructions
to make distributions or transfers out of an Account in order to pay Customer&rsquo;s third party service providers, Customer acknowledges
that in making such payments BNY Mellon is acting in an administrative or ministerial capacity, and not as the payor, for tax information
reporting and withholding purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>6.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>CREDITS
                                         AND ADVANCES</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>6.1</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Advances</B></FONT></TD>
</TR></TABLE>

<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">If BNY Mellon receives an Instruction
that, if processed, would result in an overdraft in an Account, BNY Mellon may, in its sole discretion, advance funds in any currency
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>6.2</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Repayment</B></FONT></TD>
</TR></TABLE>

<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">If: (a) BNY Mellon has advanced
funds to an Account; (b) an overdraft has occurred in an Account (including overdrafts incurred in connection with funds transfers
or foreign exchange transactions) or (c) Customer is for any other reason indebted to BNY Mellon, Customer agrees to repay BNY
Mellon (on demand or upon becoming aware thereof) the amount of such advance, overdraft or indebtedness, plus accrued interest
at a rate then charged by BNY Mellon to its institutional custody clients in the relevant currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>6.3</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Securing
                                         Repayment</B></FONT></TD>
</TR></TABLE>

<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">In order to secure repayment
of Customer&rsquo;s obligations and liabilities relating to a Series (whether or not matured) to BNY Mellon or any BNY Mellon Affiliate,
whether or not relating to or arising under this Agreement, and without limiting BNY Mellon&rsquo;s or such BNY Mellon Affiliate&rsquo;s
rights under applicable law or any other agreement, Customer hereby pledges and grants to BNY Mellon and such BNY Mellon Affiliate,
and agrees BNY Mellon and such BNY Mellon Affiliate will have to the maximum extent permitted by law, a continuing first lien and
security interest in: (a) all of Customer&rsquo;s and such Series&rsquo; right, title and interest in and to the Account relating
to such Series and the Assets now or hereafter held in such Account (including proceeds thereof) and (b) any other property at
any time held by BNY Mellon or any BNY Mellon Affiliate relating to such Series; provided that Customer does not hereby grant a
security interest in any securities issued by an affiliate (as defined in Section 23A of the U.S. Federal Reserve Act) of BNY Mellon.
Customer represents, warrants and covenants that it owns the Assets in the Accounts, and such other property at any time held by
BNY Mellon or any BNY Mellon Affiliate relating to Customer, free and clear of all liens, claims and security interests (except
as otherwise acknowledged in writing by BNY Mellon), and that the first lien and security interest granted herein with respect
to each Series will be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any third
party (other than specific liens granted preferred status by statute). Customer will take any additional steps required to assure
BNY Mellon of such priority security interest, including notifying third parties or obtaining their consent. BNY Mellon will be
entitled to collect from the relevant Account sufficient Cash for reimbursement. In this regard, BNY Mellon will be entitled to
all the rights and remedies of a pledgee, secured creditor and/or securities intermediary under applicable laws, rules and regulations
as then in effect as if Customer or the relevant Series is in default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>6.4</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Setoff</B></FONT></TD>
</TR></TABLE>

<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">BNY Mellon has the right to debit
any Cash for any amount payable by Customer in connection with any and all obligations and liabilities (whether or not matured)
of Customer relating to a Series to BNY Mellon or any BNY Mellon Affiliate whether or not relating to or arising under this Agreement.
In addition to the rights of BNY Mellon or such BNY Mellon Affiliate under applicable law or any other agreement, at any time when
Customer has not honored any of its obligations relating to a Series to BNY Mellon or such BNY Mellon Affiliate, BNY Mellon will
have the right without notice to Customer to retain or set-off against any obligations relating to such Series any cash BNY Mellon
or any BNY Mellon Affiliate may directly or indirectly hold with respect to such Series and any obligations (whether or not matured)
that BNY Mellon or any BNY Mellon Affiliate may have with respect to such Series in any currency. Any such cash or obligation relating
to a Series may be transferred to BNY Mellon and any BNY Mellon Affiliate in order to effect the above rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>7.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>STATEMENTS;
                                         BOOKS AND RECORDS; THIRD PARTY DATA</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>7.1</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Statements</B></FONT></TD>
</TR></TABLE>

<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">BNY Mellon will make available
to Customer, through the Electronic Access Services, a monthly statement (or report for such other time period as the Parties may
agree upon from time to time) reflecting all transfers to or from the Accounts during such month and all holdings in the Accounts
as of the last business day of such month (or as of such other date(s) as the Parties may agree from time to time). Customer will
promptly review each such statement and, within ninety (90) days of when such statement is made available by BNY Mellon, notify
BNY Mellon of any exception or objection thereto. Notwithstanding the foregoing, Customer may notify BNY Mellon of any such exceptions
or objections at any time; provided, however, that BNY Mellon will not be responsible or liable for any losses that could have
been mitigated had such notice been provided during such ninety (90) day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>7.2</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Books
                                         and Records</B></FONT></TD>
</TR></TABLE>

<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">The books and records directly
pertaining to the Accounts which are in the possession of BNY Mellon will be the property of Customer. BNY Mellon will identify
on its books and records the Assets belonging to Customer with respect to each Series. Customer and its authorized representatives
will have the right, at Customer&rsquo;s own expense and with reasonable prior written notice to BNY Mellon, to have reasonable
access to those books and records directly pertaining to the Accounts. Any such access will occur during BNY Mellon&rsquo;s normal
business hours and will be subject to BNY Mellon&rsquo;s applicable security policies and procedures. Upon Customer&rsquo;s reasonable
request, copies of those books and records directly pertaining to the Accounts will be provided by BNY Mellon to Customer or its
authorized representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>7.3</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Third
                                         Party Data</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Customer acknowledges that BNY Mellon will be receiving, utilizing and relying on Market Data and
other data provided by Customer and/or by third parties in connection with its performance of the services hereunder (collectively,
&ldquo;<B>Third Party Data</B>&rdquo;). BNY Mellon is entitled to rely without inquiry on all Third Party Data provided to BNY
Mellon hereunder (and all Instructions related to Third Party Data), and BNY Mellon makes no assurances or warranties in relation
to the accuracy or completeness of Third Party Data and will not be responsible or liable for any losses or damages incurred as
a result of any Third Party Data that is inaccurate or incomplete. BNY Mellon may follow Instructions with respect to Third Party
Data, even if such Instructions direct BNY Mellon to override its usual procedures and data sources or if BNY Mellon, in performing
services for itself or others (including services similar to those performed for Customer), receives different Third Party Data
for the same or similar Assets.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Certain Market Data may be the intellectual property of Market Data Providers, which impose additional
terms and conditions upon Customer&rsquo;s use of such Market Data. Such additional terms and conditions can be found on the Data
Terms Website. Customer agrees to those terms and conditions as they are posted on the Data Terms Website from time to time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>8.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>DISCLOSURES</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>8.1</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Foreign
                                         Exchange Transactions</B></FONT></TD>
</TR></TABLE>

<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">In connection with this Agreement,
Customer may enter into foreign exchange transactions (including foreign exchange hedging transactions) with BNY Mellon or a BNY
Mellon Affiliate acting as a principal or otherwise through customary channels. Customer may issue standing Instructions with respect
to any such foreign exchange transactions, subject to any rules or limitations that may apply to any foreign exchange facility
made available to Customer. With respect to any such foreign exchange transactions, BNY Mellon or such BNY Mellon Affiliate is
acting as a principal counterparty on its own behalf and is not acting as a fiduciary or agent for, or on behalf of, Customer,
a Series, an investment manager or any Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>8.2</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Investment
                                         of Cash</B></FONT></TD>
</TR></TABLE>

<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">In connection with this Agreement,
Customer may issue standing Instructions to invest Cash in one or more sweep investment vehicles. Such investment vehicles may
be offered by a BNY Mellon Affiliate or by a client of BNY Mellon, and BNY Mellon may receive compensation therefrom. By making
investment vehicles available, BNY Mellon and its Affiliates will not be deemed to have recommended, endorsed or guaranteed any
such investment vehicle in any way or otherwise to have acted as a fiduciary or agent for, or on behalf of, Customer, its investment
manager or any Account. BNY Mellon will have no liability for any loss incurred on any such investments. Customer understands that
Cash may be uninvested if it is received or reconciled to an Account after the applicable deadline to be swept into Customer&rsquo;s
selected investment vehicle.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>9.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>REGULATORY
                                         MATTERS</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>9.1</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>USA
                                         PATRIOT Act</B></FONT></TD>
</TR></TABLE>

<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">Section 326 of the U.S. Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (including its
implementing regulations) requires BNY Mellon to implement a customer identification program pursuant to which BNY Mellon must
obtain certain information from Customer in order to verify Customer&rsquo;s identity prior to establishing an Account. Accordingly,
prior to establishing an Account, Customer will be required to provide BNY Mellon with certain information, including Customer&rsquo;s
name, physical address, tax identification number and other pertinent identifying information, to enable BNY Mellon to verify Customer&rsquo;s
identity. Customer acknowledges that BNY Mellon cannot establish an Account unless and until BNY Mellon has successfully performed
such verification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>9.2</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Sanctions;
                                         Anti-Money Laundering</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Throughout the term of this Agreement, Customer: (i) will have in place and will implement policies
and procedures designed to prevent violations of Sanctions, including measures to accomplish effective and timely scanning of all
relevant data with respect to its clients (to the extent the Assets are client assets) and with respect to incoming or outgoing
assets or transactions relating to this Agreement; (ii) will ensure that neither Customer nor any of its Affiliates, directors,
officers, employees or clients (to the extent the Assets are client assets) is an individual or entity that is, or is owned or
controlled by an individual or entity that is: (A) the target of Sanctions or (B) located, organized or resident in a country or
territory that is, or whose government is, the target of Sanctions and (iii) will not, directly or indirectly, use the Accounts
in any manner that would result in a violation by Customer or BNY Mellon of Sanctions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Customer acknowledges and agrees that, in connection with the services provided by BNY Mellon under
this Agreement, each of Customer&rsquo;s authorized participants is not a customer or joint customer with BNY Mellon. Customer
(and not BNY Mellon) has the responsibility to, and will, fulfill any compliance requirement or obligation with respect to each
of its authorized participants under all Anti-Money Laundering Laws. Without limiting any obligation imposed on Customer by Anti-Money Laundering Laws, throughout the term of this Agreement, Customer will maintain a compliance program with respect to its investors
that includes the following: (i) a know-your-customer program in order to understand and verify the identity of each authorized
participant, in accordance with the requirements of the Bank Secrecy Act and the relevant regulations thereunder, (ii) a transaction
surveillance and monitoring program, and (iii) a policy for identifying and reporting any suspicious transactions and/or activities
with respect to each authorized participant to the appropriate law enforcement and regulatory authorities and to BNY Mellon where
related to the services provided by BNY Mellon hereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Customer will promptly provide to BNY Mellon such information as BNY Mellon reasonably requests
in connection with the matters referenced in this Section 9.2, including information regarding (i) the Accounts, (ii) the Assets
and the source thereof, (iii) the identity of any individual or entity having or claiming an interest therein, and (iv) Customer&rsquo;s
anti-money laundering and Sanctions compliance programs and any related records and/or transaction information, including with
respect to any investor, regardless of whether such request is made under USA PATRIOT Act Section 314(b) (where applicable). Customer
will cooperate with BNY Mellon and provide assistance reasonably requested by BNY Mellon in connection with any anti-money laundering
and terrorist financing or Sanctions inquiries. Prior to delivering to BNY Mellon the assets of any authorized participant, Customer
will obtain from each such authorized participant, and will continue to maintain in effect throughout the term of this Agreement,
any consents or waivers that may be required under applicable law in order to comply with the foregoing obligations.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">BNY Mellon may decline to act or provide services in respect of any Account, and take such other
actions as it, in its reasonable discretion, deems necessary or advisable, in connection with the matters referenced in this Section
9.2. If BNY Mellon declines to act or provide services as provided in the preceding sentence, except as otherwise prohibited by
applicable law or official request, BNY Mellon will inform Customer as soon as reasonably practicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>10.</B></TD><TD><B>COMPENSATION</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>10.1</B></TD><TD><B>Fees and Expenses</B></TD>
</TR></TABLE>

<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">In consideration of BNY Mellon&rsquo;s
services provided hereunder, Customer will (a) pay to BNY Mellon the fees set forth in the agreed upon fee schedule (as such fee
schedule may be amended by BNY Mellon from time to time upon thirty (30) days' prior written notice to Customer) and (b) reimburse
BNY Mellon for any out-of-pocket and incidental expenses incurred by BNY Mellon in connection therewith. Unless otherwise agreed
by the Parties, such amounts will be payable to BNY Mellon within thirty (30) days of Customer&rsquo;s receipt of the relevant
invoice. Without limiting BNY Mellon&rsquo;s other rights set forth in this Agreement, BNY Mellon may charge interest on overdue
amounts at a rate then charged by BNY Mellon to its institutional custody clients in the relevant currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>10.2</B></TD><TD><B>Other Compensation</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Customer acknowledges that, as part of BNY Mellon&rsquo;s compensation, BNY Mellon will earn interest
on Cash balances held by BNY Mellon (including disbursement balances, balances arising from purchase and sale transactions and
when Cash otherwise remains uninvested) as provided in BNY Mellon&rsquo;s compensation disclosures.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Where a processing error has occurred under this Agreement that results in an unintended gain,
provided that Customer is put in the same or equivalent position as it would have been in had such processing error not occurred,
any such gain will be solely for the account of BNY Mellon without any duty to report such gain to Customer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>11.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>REPRESENTATIONS,
                                         WARRANTIES AND COVENANTS</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>11.1</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>BNY
                                         Mellon</B></FONT></TD>
</TR></TABLE>

<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">BNY Mellon represents and warrants
that: (a) it is duly organized, validly existing and in good standing in its jurisdiction of organization; (b) it has the requisite
corporate power and authority to enter into and to carry out the transactions contemplated by this Agreement and (c) the individual
executing this Agreement on its behalf has the requisite authority to bind BNY Mellon to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>11.2</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Customer</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Customer represents and warrants that: (i) it is duly organized, validly existing and in good standing
in its jurisdiction of organization; (ii) it has the requisite corporate power and authority to enter into and to carry out the
transactions contemplated by this Agreement and (iii) the individual executing this Agreement on its behalf has the requisite authority
to bind Customer to this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Customer represents and warrants that all actions taken, or to be taken, by or on behalf of Customer
in connection with establishing, maintaining, operating or terminating Customer (including, any offer, sale or distribution of
the shares of, or interest in, Customer) shall be done in compliance with all applicable U.S. state and federal securities laws
and regulations and all other applicable laws and regulations of all applicable jurisdictions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>12.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>LIABILITY</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>12.1</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Standard
                                         of Care</B></FONT></TD>
</TR></TABLE>

<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">In performing its duties under
this Agreement, BNY Mellon will exercise the standard of care and diligence that a professional custodian would observe in these
affairs taking into account the prevailing rules, practices, procedures and circumstances in the relevant market (&ldquo;<B>Standard
of Care</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>12.2</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Limitation
                                         of Liability</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">BNY Mellon&rsquo;s liability arising out of or relating to this Agreement will be limited solely
to those direct damages that are caused by BNY Mellon&rsquo;s failure to perform its obligations under this Agreement in accordance
with the Standard of Care. In no event will BNY Mellon be liable for any indirect, incidental, consequential, exemplary, punitive
or special losses or damages, or for any loss of revenues, profits or business opportunity, arising out of or relating to this
Agreement (whether or not foreseeable and even if BNY Mellon has been advised of the possibility of such losses or damages).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Notwithstanding anything to the contrary set forth in this Agreement, in no event will BNY Mellon
be liable for any losses or damages arising out of any of the following:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Customer&rsquo;s or an Authorized Person&rsquo;s decision to invest in or hold Assets in any particular
country, including any losses or damages arising out of or relating to: (A) the financial infrastructure of a country; (B) a country&rsquo;s
prevailing custody and settlement practices; (C) nationalization, expropriation or other governmental actions; (D) a country&rsquo;s
regulation of the banking or securities industry; (E) currency and exchange controls, restrictions, devaluations, redenominations,
fluctuations or asset freezes; (F) laws, rules, regulations or orders that at any time prohibit or impose burdens or costs on the
transfer of Assets to, by or for the account of Customer or (G) market conditions which affect the orderly execution of securities
transactions or affect the value of securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">BNY Mellon&rsquo;s reliance on Instructions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">For any matter with respect to which BNY Mellon is required to act only upon the receipt of Instructions,
(A) BNY Mellon&rsquo;s failure to act in the absence of such Instructions or (B) Instructions that are late or incomplete or do
not otherwise satisfy the requirements of Section 3.2(e), whether or not BNY Mellon acted upon such Instructions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">BNY Mellon receiving or transmitting any data to or from Customer or any Authorized Person via
any non-secure method of transmission or communication selected by Customer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">Customer&rsquo;s or an Authorized Person&rsquo;s decision to hold Cash in any currency; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">The insolvency of any Person.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">If BNY Mellon is in doubt as to any action it should or should not take, either pursuant to, or
in the absence of, Instructions, BNY Mellon may obtain the advice of either reputable counsel of its own choosing or counsel to
Customer, and BNY Mellon will not be liable for acting in accordance with such advice.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>12.3</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Force
                                         Majeure</B></FONT></TD>
</TR></TABLE>

<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">BNY Mellon will not be responsible
or liable for any failure or delay in the performance of its obligations under this Agreement to the extent caused, directly or
indirectly, by any event beyond its reasonable control, including acts of God, strikes or other labor disputes, work stoppages,
acts of war, terrorism, general civil unrest, governmental or military actions, legal constraint or the interruption, loss or malfunction
of utilities or communications or computer systems. BNY Mellon will promptly notify Customer upon the occurrence of any such event
and will use commercially reasonable efforts to minimize its effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>12.4</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Indemnification</B></FONT></TD>
</TR></TABLE>

<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">Customer will indemnify and hold
harmless BNY Mellon from and against all losses, costs, expenses, damages and liabilities (including reasonable counsel fees and
expenses) incurred by BNY Mellon arising out of or relating to BNY Mellon&rsquo;s performance under this Agreement, except to the
extent resulting from BNY Mellon&rsquo;s failure to perform its obligations under this Agreement in accordance with the Standard
of Care. The Parties agree that the foregoing will include reasonable counsel fees and expenses incurred by BNY Mellon in its successful
defense of claims that are asserted by Customer against BNY Mellon arising out of or relating to BNY Mellon&rsquo;s performance
under this Agreement. Any obligations of Customer under this Section 12.4 with respect to a particular Series will not be satisfied
out of the assets of another Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>13.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>CONFIDENTIALITY</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>13.1</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Confidentiality
                                         Obligations</B></FONT></TD>
</TR></TABLE>

<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">Each Party agrees to use the
Confidential Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with
such purposes or as otherwise permitted herein, not to disclose such information to any other Person without the prior written
consent of the other Party. Notwithstanding the foregoing, BNY Mellon may: (a) use Customer&rsquo;s Confidential Information in
connection with certain functions performed on a centralized basis by BNY Mellon, its Affiliates and joint ventures and their service
providers (including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management,
compilation and analysis of customer-related data and storage); (b) disclose such information to its Affiliates and joint ventures
and to its and their service providers who are subject to confidentiality obligations and (c) store the names and business contact
information of Customer&rsquo;s employees and representatives relating to this Agreement on the systems or in the records of its
Affiliates and joint ventures and its and their service providers. In addition, BNY Mellon may aggregate information regarding
Customer and the Accounts on an anonymized basis with other similar client data for BNY Mellon&rsquo;s and its Affiliates&rsquo;
reporting, research, product development and distribution, and marketing purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>13.2</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Exceptions</B></FONT></TD>
</TR></TABLE>

<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">The Parties&rsquo; respective
obligations under Section 13.1 will not apply to any such information: (a) that is, as of the time of its disclosure or thereafter
becomes, part of the public domain through a source other than the receiving Party; (b) that was known to the receiving Party as
of the time of its disclosure and was not otherwise subject to confidentiality obligations; (c) that is independently developed
by the receiving Party without reference to such information; (d) that is subsequently learned from a third party not known to
be under a confidentiality obligation to the disclosing Party or (e) that is required to be disclosed pursuant to applicable law,
rule, regulation, requirement of any law enforcement agency, court order or other legal process or at the request of a regulatory
authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>14.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>TERM
                                         AND TERMINATION</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>14.1</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Term</B></FONT></TD>
</TR></TABLE>

<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">The term of this Agreement will
commence on the Effective Date and will continue in effect until terminated in accordance with the provisions herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>14.2</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Termination</B></FONT></TD>
</TR></TABLE>

<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">Each Party may terminate this
Agreement with respect to one or more Series by giving to the counter-Party a notice in writing specifying the date of such termination,
which will be not less than ninety (90) days after the date of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>14.3</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Effect
                                         of Termination</B></FONT></TD>
</TR></TABLE>

<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">Upon termination hereof, Customer
will pay to BNY Mellon such compensation as may be due to BNY Mellon, and will reimburse BNY Mellon for other amounts payable or
reimbursable to BNY Mellon hereunder, through the date of termination. BNY Mellon will follow such reasonable Instructions as Customer
issues concerning the transfer of custody of records, Assets and other items; provided that (a) BNY Mellon will have no responsibility
or liability for shipping and insurance costs associated therewith and (b) full payment has been made to BNY Mellon of its compensation,
costs, expenses and other amounts to which it is entitled hereunder. If any Assets remain in any Account after termination, BNY
Mellon may deliver to Customer such Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>14.4</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Survival</B></FONT></TD>
</TR></TABLE>

<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">Any and all provisions of this
Agreement which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination
of this Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties&rsquo;
benefit, including Section 11 (Representations, Warranties and Covenants); Section 12 (Liability); Section 13 (Confidentiality);
Section 14.3 (Effect of Termination); Section 14.4 (Survival) and Section 15.3 (Governing Law/Forum).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>GENERAL</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.1</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Assignment</B></FONT></TD>
</TR></TABLE>

<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">Neither Party may, without the
other Party&rsquo;s prior written consent, assign any of its rights or delegate any of its duties under this Agreement (whether
by change of control, operation of law or otherwise); provided, however that BNY Mellon may, without the prior written consent
of Customer, assign this Agreement or any of its rights, or delegate any of its duties hereunder: (a) to any BNY Mellon Affiliate;
(b) to any successor to the business of BNY Mellon to which this Agreement relates, in which event BNY Mellon agrees to provide
notice of such successor to Customer or (c) as otherwise permitted in this Agreement; provided further that any entity to which
this Agreement is assigned by BNY Mellon without the prior written consent of Customer pursuant to a foregoing item (a), (b) or
(c) will satisfy the requirements for serving as a custodian for a registered investment company. Any purported assignment or delegation
by a Party in violation of this provision will be voidable at the option of the other Party. This Agreement will be binding upon,
and inure to the benefit of, the Parties and their respective permitted successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.2</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Amendment</B></FONT></TD>
</TR></TABLE>

<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">This Agreement may be amended
or modified only in a written agreement signed by an authorized representative of each Party. For purposes of the foregoing, email
exchanges between the Parties will not be deemed to constitute a written agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.3</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Governing
                                         Law/Forum</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The substantive laws of the state of New York (without regard to its conflicts of law provisions)
will govern all matters arising out of or relating to this Agreement, including the establishment and maintenance of the Accounts
and for purposes of the Uniform Commercial Code and all issues specified in Article 2(1) of the Hague Securities Convention.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Each Party irrevocably agrees that all legal actions or proceedings brought by it against the other
Party arising out of or relating to this Agreement will be brought solely and exclusively before the state or federal courts situated
in New York City, New York. Each Party irrevocably submits to personal jurisdiction in such courts and waives any objection which
it may now or hereafter have based on improper venue or <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal"><I>forum
non conveniens.</I></FONT> The Parties hereby unconditionally waive, to the fullest extent permitted by applicable law, any right
to a jury trial with respect to any such actions or proceedings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.4</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Business
                                         Continuity/Disaster Recovery</B></FONT></TD>
</TR></TABLE>

<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">BNY Mellon will implement business
continuity and disaster recovery plans designed to minimize interruptions of service and ensure recovery of systems and applications
used to provide the services under this Agreement. Such plans will cover the facilities, systems, applications and employees that
are critical to the provision of the services hereunder, and will be tested at least annually to validate whether the recovery
strategies, requirements, and protocols are viable and sustainable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.5</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Non-Fiduciary
                                         Status</B></FONT></TD>
</TR></TABLE>

<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">Customer hereby acknowledges
and agrees that BNY Mellon is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and
has not accepted any fiduciary duties, responsibilities or liabilities with respect to its services hereunder, including with respect
to the management, investment advisory or sub-advisory functions of Customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.6</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Notices</B></FONT></TD>
</TR></TABLE>

<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">Other than routine communications
in the ordinary course of providing or receiving services hereunder (including Instructions), notices given hereunder will be:
(a) addressed to BNY Mellon or Customer at the address set forth on the signature page (or such other address as either Party may
designate in writing to the other Party) and (b) sent by hand delivery, by certified mail, return receipt requested, or by overnight
delivery service, in each case with postage or charges prepaid. All notices given in accordance with this Section will be effective
upon receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.7</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Entire
                                         Agreement</B></FONT></TD>
</TR></TABLE>

<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">This Agreement constitutes the
sole and entire agreement among the Parties with respect to the matters dealt with herein, and merges, integrates and supersedes
all prior and contemporaneous discussions, agreements and understandings between the Parties, whether oral or written, with respect
to such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.8</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>No
                                         Third Party Beneficiaries</B></FONT></TD>
</TR></TABLE>

<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">This Agreement is entered into
solely between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of
this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity
other than the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.9</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Counterparts/Facsimile</B></FONT></TD>
</TR></TABLE>

<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">This Agreement may be executed
in any number of counterparts, each of which will be deemed an original, and said counterparts when taken together will constitute
one and the same instrument and may be sufficiently evidenced by one set of counterparts. This Agreement may also be executed and
delivered by facsimile or email with confirmation of delivery and/or receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.10</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Interpretation</B></FONT></TD>
</TR></TABLE>

<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">The terms and conditions of this
Agreement are the result of negotiations between the Parties. The Parties intend that this Agreement will not be construed in favor
of or against a Party by reason of the extent to which such Party or its professional advisors participated in the preparation
or drafting of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.11</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>No
                                         Waiver</B></FONT></TD>
</TR></TABLE>

<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">No failure or delay by a Party
to exercise any right, remedy or power it has under this Agreement will impair or be construed as a waiver of such right, remedy
or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party
of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision. All waivers
will be in writing and signed by an authorized representative of the waiving Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.12</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Headings</B></FONT></TD>
</TR></TABLE>

<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">All section and subsection headings
in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope
or intent of any provision of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>15.13</B></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal"><B>Severability</B></FONT></TD>
</TR></TABLE>

<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">If a court of competent
jurisdiction determines that any provision of this Agreement is illegal or invalid for any reason, such illegality or
invalidity will not affect the validity of the remainder of this Agreement. In such case, the Parties will negotiate in good
faith to replace each illegal or invalid provision with a valid, legal and enforceable provision that fulfills as closely as
possible the original intent of the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IN WITNESS WHEREOF,</B> the Parties
have executed this Agreement as of the Effective Date.</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: 7%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>THE BANK OF NEW YORK MELLON</B></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>BITWISE ETHEREUM ETF</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">By: BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the Bitwise Ethereum ETF</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: bottom">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><IMG SRC="ex105002.jpg" ALT=""></TD>
    <TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><IMG SRC="ex105003.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name: </TD>
    <TD STYLE="border-bottom: Black 1pt solid">Nicole Fouron</TD>
    <TD>&nbsp;</TD>
    <TD>Name: </TD>
    <TD STYLE="border-bottom: Black 1pt solid">Paul Fusaro</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Title: </TD>
    <TD STYLE="border-bottom: Black 1pt solid">Managing Director</TD>
    <TD>&nbsp;</TD>
    <TD>Title: </TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: normal">Chief
    Operating Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date: </TD>
    <TD STYLE="border-bottom: Black 1pt solid">May 24, 2024</TD>
    <TD>&nbsp;</TD>
    <TD>Date: </TD>
    <TD STYLE="border-bottom: Black 1pt solid">5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal">/</FONT>23/2024</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><B>Address for Notice:</B></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%"><B>Address for Notice:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>THE BANK OF NEW YORK MELLON <BR>
240 Greenwich Street, <BR>
New York, NY-New York-New York-USA <BR>
Attention: Jessica Strub</TD>
    <TD>&nbsp;</TD>
    <TD>Bitwise Ethereum ETF <BR>
250 Montgomery Street, Suite 200 <BR>
San Francisco, California 94104 <BR>
Attention: Katherine Dowling</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPENDIX I</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"><B>BITWISE ETHEREUM ETF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>10
<FILENAME>ex10-6.htm
<DESCRIPTION>FUND ADMINISTRATION AND ACCOUNTING AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="bitwise-s1a_053124.htm">Bitwise Ethereum ETF S-1/A</A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Exhibit 10.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal"></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><B><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</FONT></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: bottom; text-align: center">
<TD STYLE="width: 50%; text-align: left; vertical-align: bottom"><IMG SRC="ex106001.jpg" ALT=""></TD><TD STYLE="text-align: right; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal">EXECUTION
COPY</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>FUND
ADMINISTRATION AND ACCOUNTING AGREEMENT</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
AGREEMENT is made as of May 23, 2024 by and between Bitwise Ethereum ETF (hereinafter the &ldquo;Trust&rdquo;), a Delaware Statutory
Trust, having its principal office and place of business at 250 Montgomery Street, Suite 200, San Francisco, California 94104
and The Bank of New York Mellon, a New York corporation authorized to do a banking business (&ldquo;BNY Mellon&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>W</U>&nbsp;<U>I</U>&nbsp;<U>T</U>&nbsp;<U>N</U>&nbsp;<U>E</U>&nbsp;<U>S</U>&nbsp;<U>S</U>&nbsp;<U>E</U>&nbsp;<U>T</U>&nbsp;<U>H</U>&nbsp;:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Trust desires to retain BNY Mellon to provide the services described herein, and BNY Mellon is willing to provide such services,
all as more fully set forth below;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the mutual promises and agreements contained herein, the parties hereby agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Definitions.</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
used in this Agreement, unless the context otherwise requires, the following words shall have the meanings set forth below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>1933
Act</U>&rdquo; means the Securities Act of 1933, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>1934
Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Anti-Money
Laundering Laws</U>&rdquo; means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive
orders and requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act,
the U.S.A. PATRIOT Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic
or foreign authority over the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Authorized
Person</U>&rdquo; shall mean each person, whether or not an officer or an employee of the Trust, duly authorized to execute this
Agreement and to give Instructions on behalf of the Trust as set forth in Exhibit A hereto and each Authorized Person&rsquo;s
scope of authority may be limited by setting forth such limitation in a written document signed by both parties hereto. From time
to time the Trust may deliver a new Exhibit A to add or delete any person and BNY Mellon shall be entitled to rely on the last
Exhibit A actually received by BNY Mellon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>BNY
Mellon Affiliate</U>&rdquo; shall mean any office, branch, or subsidiary of The Bank of New York Mellon Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Confidential
Information</U>&rdquo; shall have the meaning given in Section 18 of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Documents</U>&rdquo;
shall mean such other documents, including but not limited to, resolutions of the Sponsor authorizing the execution, delivery
and performance of this Agreement by the Trust, and opinions of outside counsel, as BNY Mellon may reasonably request from time
to time, in connection with its provision of services under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Instructions</U>&rdquo;
shall mean Oral Instructions or written communications actually received by BNY Mellon by S.W.I.F.T., tested telex, letter, facsimile
transmission, or other method or system specified by BNY Mellon as available for use in connection with the services hereunder,
from an Authorized Person or person believed in good faith to be an Authorized Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Net
Asset Value</U>&rdquo; shall mean the per share value of the Trust, calculated in the manner described in the Trust&rsquo;s Offering
Materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Offering
Materials</U>&rdquo; shall mean the Trust&rsquo;s currently effective prospectus and most recently filed registration statement
with the SEC, as applicable, relating to shares of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Organizational
Documents</U>&rdquo; shall mean certified copies of the Trust&rsquo;s articles of incorporation, certificate of incorporation,
certificate of formation or organization, certificate of limited partnership, bylaws, limited partnership agreement, memorandum
of association, limited liability company agreement, operating agreement, confidential offering memorandum, material contracts,
Offering Materials, all SEC exemptive orders issued to the Trust, required filings or similar documents of formation or organization,
as applicable, delivered to and received by BNY Mellon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Oral
Instructions</U>&rdquo; shall mean oral instructions received by BNY Mellon under permissible circumstances specified by BNY Mellon,
in its sole discretion, as being from an Authorized Person or person believed in good faith by BNY Mellon to be an Authorized
Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Sanctions</U>&rdquo;
means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority
of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) or any other
applicable domestic or foreign authority with jurisdiction over the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>SEC</U>&rdquo;
means the United States Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Securities
Laws</U>&rdquo; means the 1933 Act and the 1934 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Shares</U>&rdquo;
means the shares of beneficial interest of any series or class of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Sponsor</U>&rdquo;
shall mean the entity identified by the Trust to BNY Mellon as the entity having investment responsibility with respect to the
Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Appointment.</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust hereby appoints BNY Mellon as its agent for the term of this Agreement to perform the services described herein. BNY Mellon
hereby accepts such appointment and agrees to perform the duties hereinafter set forth.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Representations
and Warranties.</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;The
Trust hereby represents and warrants to BNY Mellon, which representations and warranties shall be deemed to be continuing, that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement has been duly authorized, executed and delivered by the Trust in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Trust, enforceable in accordance with its terms;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Sponsor is in good standing and qualified to do business in each jurisdiction in which the nature or conduct of its business requires
such qualification.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is conducting its business in compliance with all applicable laws and regulations, both state and federal, has made and will continue
to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents necessary
to carry on its business as now conducted; there is no statute, regulation, rule, order or judgment binding on it and no provision
of its Organizational Documents, nor of any mortgage, indenture, credit agreement or other contract binding on it or affecting
its property which would prohibit its execution or performance of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust will maintain policies and procedures reasonably designed to ensure that all investments for the Trust are conducted in
compliance with anti-corruption laws, Anti-Money Laundering Laws, and Sanctions applicable to the Trust. The Trust shall cooperate
with BNY Mellon and provide assistance reasonably requested by BNY Mellon in connection with any anti-money laundering, terrorist
financing or sanctions-related inquiries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
method of valuation of the assets of the Trust and the method of computing the Net Asset Value shall be as set forth in the Offering
Materials of the Trust. To the extent the performance of any services described in Schedule I attached hereto by BNY Mellon in
accordance with the then effective Offering Materials for the Trust would violate any applicable laws or regulations, the Trust
shall immediately so notify BNY Mellon in writing and thereafter shall either furnish BNY Mellon with the appropriate values of
Trust assets, net asset value or other computation, as the case may be, or, instruct BNY Mellon in writing to value Trust assets
and/or compute Net Asset Value or other computations in a manner the Trust specifies in writing, and either the furnishing of
such values or the giving of such instructions shall constitute a representation by the Trust that the same is consistent with
all applicable laws and regulations and with its Offering Materials, all subject to confirmation by BNY Mellon as to its capacity
to act in accordance with the foregoing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
person named on Exhibit A hereto is duly authorized by the Trust to be an Authorized Person hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
has implemented, and is acting in accordance with, procedures reasonably designed to ensure that it will disseminate to all market
participants, other than Authorized Participants (as defined in its Prospectus and Statement of Additional Information), each
calculation of net asset value provided by BNY hereunder to Authorized Participants at the time BNY Mellon provides such calculation
to Authorized Participants;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting the provisions of Section 18 herein, the Trust shall treat as confidential the terms and conditions of this Agreement
and shall not disclose nor authorize disclosure thereof to any other person, except (i) to its employees, regulators, examiners,
internal and external accountants, auditors, and counsel, (ii) for a summary description of this Agreement in the Offering Materials
with the prior written approval of BNY Mellon, (iii) to any other person when required by a court order or legal process, or (iv)
whenever advised by its counsel that it would be liable for a failure to make such disclosure. The Trust shall instruct its employees,
regulators, examiners, internal and external accountants, auditors, and counsel who may be afforded access to such information
of the Trust&rsquo;s obligations of confidentiality hereunder; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust shall promptly notify BNY Mellon in writing of any and all legal proceedings or securities investigations filed or commenced
against any Fund, the Sponsor or the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Delivery
of Documents.</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust shall promptly provide, deliver, or cause to be delivered from time to time, to BNY Mellon the Trust&rsquo;s Organizational
Documents, a copy of any and all SEC exemptive orders issued to the Trust, and Documents and other materials used in the distribution
of Shares and all amendments thereto as may be necessary for BNY Mellon to perform its duties hereunder. BNY Mellon shall not
be deemed to have notice of any information (other than information supplied by BNY Mellon) contained in such Organizational Documents,
Documents or other materials until they are actually received by BNY Mellon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Duties
and Obligations of BNY Mellon.</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the direction of the Sponsor and the provisions of this Agreement, BNY Mellon shall provide to the Trust the
administrative services and the valuation and computation services listed on Schedule I attached hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
performing hereunder, BNY Mellon shall provide, at its expense, office space, facilities, equipment and personnel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY
Mellon shall not provide any services relating to the management, investment advisory or sub-advisory functions of the Trust,
distribution of shares of the Trust, maintenance of the Trust&rsquo;s financial records, other than those listed in Schedule I
attached hereto, or other services normally performed by the Trust&rsquo;s counsel or independent auditors and the services provided
by BNY Mellon do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services
for or on behalf of the Trust or any other person, and the Trust acknowledges that BNY Mellon does not provide public accounting
or auditing services or advice and will not be making any tax filings, or doing any tax reporting on its behalf, other than those
specifically agreed to hereunder. The scope of services provided by BNY Mellon under this Agreement shall not be increased as
a result of new or revised regulatory or other requirements that may become applicable with respect to the Trust, unless the parties
hereto expressly agree in writing to any such increase in the scope of services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust shall cause its officers, advisors, Sponsor, distributor, legal counsel, independent accountants, current administrator
(if any), transfer agent, and any other service provider to cooperate with BNY Mellon and to provide BNY Mellon, upon request,
with such information, documents and advice relating to the Trust as is within the possession or knowledge of such persons, and
which in the opinion of BNY Mellon, is necessary in order to enable BNY Mellon to perform its duties hereunder. In connection
with its duties hereunder, BNY Mellon shall not be responsible for, under any duty to inquire into, or be deemed to make any assurances
with respect to the accuracy, validity or propriety of any information, documents or advice provided to BNY Mellon by any of the
aforementioned persons. BNY Mellon shall not be liable for any loss, damage or expense resulting from or arising out of the failure
of the Trust to cause any information, documents or advice to be provided to BNY Mellon as provided herein and shall be held harmless
by the Trust when acting in reliance upon such information, documents or advice relating to the Trust. All fees or costs charged
by such persons shall be borne by the Trust. In the event that any services performed by BNY Mellon hereunder rely, in whole or
in part, upon information obtained from a third party service utilized or subscribed to by BNY Mellon which BNY Mellon in its
reasonable judgment deems reliable, BNY Mellon shall not have any responsibility or liability for, under any duty to inquire into,
or deemed to make any assurances with respect to, the accuracy or completeness of such information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this Agreement shall limit or restrict BNY Mellon, any BNY Mellon Affiliate or any officer or employee thereof from acting
for or with any third parties, and providing services similar or identical to some or all of the services provided hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust shall furnish BNY Mellon with any and all instructions, explanations, information, specifications and documentation deemed
necessary by BNY Mellon in the performance of its duties hereunder, including, without limitation, the amounts or written formula
for calculating the amounts and times of accrual of Trust liabilities and expenses. BNY Mellon shall not be required to include
as Trust liabilities and expenses, nor as a reduction of net asset value, any accrual for any federal, state, or foreign income
taxes unless the Trust shall have specified to BNY Mellon in Instructions the precise amount of the same to be included in liabilities
and expenses or used to reduce net asset value. The Trust shall also furnish BNY Mellon with valuations for assets of the Trust
if BNY Mellon notifies the Trust that same are not available to BNY Mellon from a pricing service utilized, or subscribed to,
by BNY Mellon which the Trust directs BNY Mellon to utilize, and which BNY Mellon in its judgment deems reliable at the time such
information is required for calculations hereunder. At any time and from time to time, the Trust also may furnish BNY Mellon with
valuations for assets of the Trust and instruct BNY Mellon in Instructions to use such information in its calculations hereunder.
BNY Mellon shall at no time be required or obligated to commence or maintain any utilization of, or subscriptions to, any pricing
service. In no event shall BNY Mellon be required to determine, or have any obligations with respect to, whether a market price
represents any fair or true value, nor to adjust any price to reflect any events or announcements, including, without limitation,
those with respect to the issuer thereof, it being agreed that all such determinations and considerations shall be solely for
the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY
Mellon may apply to an Authorized Person of the Trust for Instructions with respect to any matter arising in connection with BNY
Mellon&rsquo;s performance hereunder, and BNY Mellon shall not be liable for any action taken or omitted to be taken by it in
good faith without gross negligence or willful misconduct in accordance with such Instructions. Such application for Instructions
may, at the option of BNY Mellon, set forth in writing any action proposed to be taken or omitted to be taken by BNY Mellon with
respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken. BNY Mellon
shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application
on or after the date specified therein unless, prior to taking or omitting to take any such action, BNY Mellon has received Instructions
from an Authorized Person in response to such application specifying the action to be taken or omitted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY
Mellon may consult with counsel to the Trust and shall be fully protected with respect to anything done or omitted by it provided
that BNY Mellon acts in good faith in accordance with the advice or opinion of such counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision contained in this Agreement or Schedule I attached hereto, BNY Mellon shall have no duty or obligation with
respect to, including, without limitation, any duty or obligation to determine, or advise or notify the Trust of: (i) the taxable
nature of any distribution or amount received or deemed received by, or payable to, the Trust, (ii) the taxable nature or effect
on the Trust or its shareholders of any corporate actions, class actions, tax reclaims, tax refunds or similar events, (iii) the
taxable nature or taxable amount of any distribution or dividend paid, payable or deemed paid, by the Trust to its shareholders;
or (iv) the effect under any federal, state, or foreign income tax laws of the Trust making or not making any distribution or
dividend payment, or any election with respect thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY
Mellon shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth
in this Agreement and Schedule I attached hereto, and no covenant or obligation shall be implied against BNY Mellon in connection
with this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY
Mellon, in performing the services required of it under the terms of this Agreement, shall be entitled to rely fully on the accuracy
and validity of any and all Instructions, explanations, information, specifications, Documents and documentation furnished to
it by the Trust and shall have no duty or obligation to review the accuracy, validity or propriety of such Instructions, explanations,
information, specifications, Documents or documentation, including, without limitation, evaluations of assets; the amounts or
formula for calculating the amounts and times of accrual of the Trust&rsquo;s liabilities and expenses; the amounts receivable
and the amounts payable on the sale or purchase of Trust assets; and amounts receivable or amounts payable for the sale or redemption
of Trust Shares effected by or on behalf of the Trust. BNY Mellon&rsquo;s computations hereunder will rely upon information, including,
without limitation, bid, offer or market values of securities or other assets of the Trust, or accruals of interest or earnings
thereon, from a pricing or similar service utilized, or subscribed to, by BNY Mellon which the Trust directs BNY Mellon to utilize.
BNY Mellon shall not be responsible for, under any duty to inquire into, or deemed to make any assurances with respect to, the
accuracy or completeness of such information. Without limiting the generality of the foregoing, BNY Mellon shall not be required
to inquire into any valuation of any Trust assets by the Trust or any third party described in this sub-section (k) even though
BNY Mellon in performing services similar to the services provided pursuant to this Agreement for others may receive different
valuations of Trust assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY
Mellon, in performing the services required of it under the terms of this Agreement, shall not be responsible for determining
whether any interest accruable to the Trust is or will be actually paid, but will accrue such interest until otherwise instructed
by the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY
Mellon shall not be responsible for damages (including without limitation damages caused by delays, failure, errors, interruption
or loss of data) which occurring directly or indirectly by reason of circumstances beyond its reasonable control in the performance
of its duties under this Agreement, including, without limitation, labor difficulties within or without BNY Mellon, mechanical
breakdowns, flood or catastrophe, acts of God, failures of transportation, interruptions, loss, or malfunctions of utilities,
action or inaction of civil or military authority, national emergencies, public enemy, war, terrorism, riot, sabotage, non-performance
by a third party, failure of the mails, communications, computer (hardware or software) services, or functions or malfunctions
of the internet, firewalls, encryption systems or security devices caused by any of the above. Nor shall BNY Mellon be responsible
for delays or failures to supply the information or services specified in this Agreement where such delays or failures are caused
by the failure of any person(s) other than BNY Mellon to supply any instructions, explanations, information, specifications or
documentation deemed necessary by BNY Mellon in the performance of its duties under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is understood and agreed by the parties hereto that under no circumstances will the services performed by BNY Mellon pursuant
to this Agreement include any service, function or activity that would constitute a &ldquo;virtual currency business activity&rdquo;
for purposes of the regulations issued by the Superintendent of the New York State Department of Financial Services (23 N.Y.C.R.R.
Part 200).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Allocation
of Expenses.</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise provided herein, all costs and expenses arising or incurred in connection with the performance of this Agreement
shall be paid by the Trust, including but not limited to, organizational costs and costs of maintaining corporate existence, taxes,
interest, brokerage fees and commissions, insurance premiums, compensation and expenses of the Sponsor, officers or employees,
legal, accounting and audit expenses, management, advisory, sub-advisory, administration and shareholder servicing fees, charges
of custodians, transfer and dividend disbursing agents, expenses (including clerical expenses) incident to the issuance, redemption
or repurchase of Trust shares or membership interests, as applicable, fees and expenses incident to the registration or qualification
under the Securities Laws, state or other applicable securities laws of the Trust or its shares or membership interests, as applicable,
costs (including printing and mailing costs) of preparing and distributing Offering Materials, reports, notices and proxy material
to the Trust&rsquo;s shareholders or members, as applicable, all expenses incidental to holding meetings of the Trust&rsquo;s
shareholders, and extraordinary expenses as may arise, including litigation affecting the Trust and legal obligations relating
thereto for which the Trust may have to indemnify its officers, managers, and/or members, as may be applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Standard
of Care; Indemnification.</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, BNY Mellon and any BNY Mellon Affiliate shall not be liable for any costs, expenses, damages, liabilities
or claims (including attorneys&rsquo; and accountants&rsquo; fees) incurred by the Trust, except those costs, expenses, damages,
liabilities or claims arising out of BNY Mellon&rsquo;s own bad faith, gross negligence or willful misconduct. In no event shall
BNY Mellon or any BNY Mellon Affiliate be liable to any Fund or any third party for any special, indirect or consequential damages,
or lost profits or loss of business, arising under or in connection with this Agreement, even if previously informed of the possibility
of such damages and regardless of the form of action. BNY Mellon and any BNY Mellon Affiliate shall not be liable for any loss,
damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability, resulting
from, arising out of, or in connection with its performance hereunder, including its actions or omissions, the incompleteness
or inaccuracy of any specifications or other information furnished by the Trust, or for delays caused by circumstances beyond
BNY Mellon&rsquo;s reasonable control, unless such loss, damage or expense arises out of the bad faith, gross negligence or willful
misconduct of BNY Mellon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust shall indemnify and hold harmless BNY Mellon and any BNY Mellon Affiliate from and against any and all costs, expenses,
damages, liabilities and claims (including claims asserted by the Trust), and reasonable attorneys&rsquo; and accountants&rsquo;
fees relating thereto, which are sustained or incurred or which may be asserted against BNY Mellon or any BNY Mellon Affiliate,
by reason of or as a result of any action taken or omitted to be taken by BNY Mellon or any BNY Mellon Affiliate without bad faith,
gross negligence, or willful misconduct, or in reliance upon (i) any law, act, regulation or interpretation of the same even though
the same may thereafter have been altered, changed, amended or repealed, (ii) the Trust&rsquo;s Offering Materials or Documents
(excluding information provided by BNY Mellon), (iii) any Instructions, or (iv) any opinion of legal counsel for the Trust, or
arising out of transactions or other activities of the Trust which occurred prior to the commencement of this Agreement; <U>provided,
</U>that the Trust shall not indemnify BNY Mellon nor any BNY Mellon Affiliate for costs, expenses, damages, liabilities or claims
for which BNY Mellon or any BNY Mellon Affiliate is liable under the preceding sub-section 7(a). This indemnity shall be a continuing
obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. Without limiting the generality
of the foregoing, the Trust shall indemnify BNY Mellon and any BNY Mellon Affiliate against and save BNY Mellon and any BNY Mellon
Affiliate harmless from any loss, damage or expense, including counsel fees and other costs and expenses of a defense against
any claim or liability, arising from any one or more of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Errors
in records or instructions, explanations, information, specifications or documentation of any kind, as the case may be, supplied
to BNY Mellon by any third party described above or by or on behalf of the Trust;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Action
or inaction taken or omitted to be taken by BNY Mellon or any BNY Mellon Affiliate pursuant to Instructions of the Trust or otherwise
without gross negligence or willful misconduct;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
action taken or omitted to be taken by BNY Mellon in good faith in accordance with the advice or opinion of counsel for the Trust
or its own counsel;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
improper use by the Trust or its agents, distributor or Sponsor of any valuations or computations supplied by BNY Mellon pursuant
to this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;The method of valuation and the method of computing the Trust&rsquo;s net asset value; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;Any valuations or net asset value provided by the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actions
taken or omitted in reliance on Instructions or upon any information, order, indenture, stock certificate, membership certificate,
power of attorney, assignment, affidavit or other instrument believed by BNY Mellon in good faith to be from an Authorized Person,
or upon the opinion of legal counsel for the Trust or its own counsel, shall be conclusively presumed to have been taken or omitted
in good faith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Compensation.</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the services provided hereunder, the Trust agrees to pay BNY Mellon such compensation as is mutually agreed to in writing by the
Trust and BNY Mellon from time to time and such out-of-pocket expenses (<U>e.g.,</U> telecommunication charges, postage and delivery
charges, costs of independent compliance reviews, record retention costs, reproduction charges and transportation and lodging
costs) as are incurred by BNY Mellon in performing its duties hereunder. Except as hereinafter set forth, compensation shall be
calculated and accrued daily and paid monthly. Upon termination of this Agreement before the end of any month, the compensation
for such part of a month shall be prorated according to the proportion which such period bears to the full monthly period and
shall be payable upon the effective date of termination of this Agreement. For the purpose of determining compensation payable
to BNY Mellon, the Trust&rsquo;s net asset value shall be computed at the times and in the manner specified in the Trust&rsquo;s
Offering Materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Records;
Visits.</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
books and records pertaining to the Trust which are in the possession or under the control of BNY Mellon shall be the property
of the Trust. The Trust and Authorized Persons shall have access to such books and records at all times during BNY Mellon&rsquo;s
normal business hours. Upon the reasonable request of the Trust, copies of any such books and records shall be provided by BNY
Mellon to the Trust or to an Authorized Person, at the Trust&rsquo;s expense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNY
Mellon shall keep all books and records with respect to the services to be performed by BNY Mellon hereunder in the form and manner
required by Section 31 of the Investment Company Act of 1940 and the rules thereunder, as if the Trust was subject to such requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Term
of Agreement.</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be effective commencing upon regulatory approval by the U.S. Securities and Exchange Commission permitting shares
of the Trust to be offered for sale, and, unless terminated pursuant to its terms, shall continue until 11:59 PM on the date which
is the third anniversary of such date (the &ldquo;Initial Term&rdquo;), at which time this Agreement shall terminate, unless renewed
in accordance with the terms hereof. For the avoidance of doubt, no services shall be provided to the Trust hereunder until such
regulatory approval is obtained by the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall automatically renew for successive terms of one (1) year each (each, a &ldquo;Renewal Term&rdquo;), unless the
Trust or BNY Mellon gives written notice to the other party of its intent not to renew and such notice is received by the other
party not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a &ldquo;Non-Renewal
Notice&rdquo;). In the event a party provides a Non-Renewal Notice, this Agreement shall terminate at 11:59 PM on the last day
of the Initial Term or Renewal Term, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a party materially breaches this Agreement (a &ldquo;Defaulting Party&rdquo;) the other party (the &ldquo;Non-Defaulting
Parly&rdquo;) may give written notice thereof to the Defaulting Party (&ldquo;Breach Notice&rdquo;), and if such material
breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the Non- Defaulting Party
may terminate this Agreement by giving written notice of termination to the Defaulting Party (&ldquo;Breach Termination
Notice&rdquo;), in which case this Agreement shall terminate as of 11:59 PM on the 30th day following the date the Breach
Termination Notice is given, or such later date as may be specified in the Breach Termination Notice (but not later than the
last day of the Initial Term or then-current Renewal Term, as appropriate). In all cases, termination by the Non-Defaulting
Party shall not constitute a waiver by the Non-Defaulting Party of any other rights it might have under this Agreement or
otherwise against the Defaulting Party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision of this Agreement, BNY Mellon may in its sole discretion terminate this Agreement immediately by sending notice
thereof to the Trust upon the happening of any of the following: (i) the Trust commences as debtor any case or proceeding under
any bankruptcy, insolvency or similar law, or there is commenced against the Trust any such case or proceeding; (ii) the Trust
commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official
for the Trust or any substantial part of its property or there is commenced against the Trust any such case or proceeding; (iii)
the Trust makes a general assignment for the benefit of creditors; or (iv) the Trust admits in any recorded medium, written, electronic
or otherwise, its inability to pay its debts as they come due. BNY Mellon may exercise its termination right under this Section
10(d) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing
prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that
right. Any exercise by BNY Mellon of its termination right under this Section 10(d) shall be without any prejudice to any other
remedies or rights available to BNY Mellon and shall not be subject to any fee or penalty, whether monetary or equitable. Notwithstanding
the provisions of Section 18, notice of termination under this Section 10(d) shall be considered given and effective when given,
not when received.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust may terminate this Agreement at any time upon ninety (90) days&rsquo; prior written notice in the event that the Sponsor
determines to liquidate the Trust. BNY Mellon may terminate this Agreement at any time upon ninety (90) days&rsquo; written notice
for any reason and upon thirty (30) days&rsquo; written notice in the event of a breach of the Trust&rsquo;s representations contained
in Section 3(i)(e) hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Amendment.</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement may not be amended, changed or modified in any manner except by a written agreement executed by BNY Mellon and the Trust
to be bound thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Assignment;
Subcontracting.</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided,
however, that this Agreement shall not be assignable or delegable by the Trust without the written consent of BNY Mellon, or by
BNY Mellon without the written consent of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing: (i) BNY Mellon may assign or transfer this Agreement to any BNY Mellon Affiliate or transfer this Agreement in
connection with a sale of a majority or more of its assets, equity interests or voting control, provided that BNY Mellon gives
the Trust thirty (30) days&rsquo; prior written notice of such assignment or transfer and such assignment or transfer does not
impair the provision of services under this Agreement in any material respect, and the assignee or transferee agrees to be bound
by all terms of this Agreement in place of BNY Mellon; (ii) BNY Mellon may subcontract with, hire, engage or otherwise outsource
to any BNY Mellon Affiliate with respect to the performance of any one or more of the functions, services, duties or obligations
of BNY Mellon under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall not relieve BNY Mellon of
any of its liabilities hereunder; (iii) BNY Mellon may subcontract with, hire, engage or otherwise outsource to an unaffiliated
third party with respect to the performance of any one or more of the functions, services, duties or obligations of BNY Mellon
under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall (A) require the prior written consent
of the Trust and (B) limit BNY Mellon&rsquo;s liability such that BNY Mellon shall only be liable for failure to reasonably select
such unaffiliated third party, and BNY Mellon shall have no liability for any acts or omissions to act of such unaffiliated third
party; and (iv) BNY Mellon, in the course of providing certain additional services requested by the Trust, including but not limited
to, Typesetting or eBoard Book services (&ldquo;Vendor Eligible Services&rdquo;) as further described in Schedule I, may in its
sole discretion, enter into an agreement or agreements with a financial printer, or electronic services provider (&ldquo;Vendor&rdquo;)
to provide BNY Mellon with the ability to generate certain reports or provide certain functionality. BNY Mellon shall not be obligated
to perform any of the Vendor Eligible Services unless an agreement between BNY Mellon and the Vendor for the provision of such
services is then-currently in effect, and shall only be liable for the failure to reasonably select the Vendor. Upon request,
BNY Mellon will disclose the identity of the Vendor and the status of the contractual relationship, and the Trust is free to attempt
to contract directly with the Vendor for the provision of the Vendor Eligible Services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
compensation for the Vendor Eligible Services rendered by BNY Mellon pursuant to this Agreement, the Trust will pay to BNY Mellon
such fees as may be agreed to in writing by the Trust and BNY Mellon. In turn, BNY Mellon will be responsible for paying the Vendor&rsquo;s
fees. For the avoidance of doubt, BNY Mellon anticipates that the fees it charges hereunder will be more than the fees charged
to it by the Vendor, and BNY Mellon will retain the difference between the amount paid to BNY Mellon hereunder and the fees BNY
Mellon pays to the Vendor as compensation for the additional services provided by BNY Mellon in the course of making the Vendor
Eligible Services available to the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Governing
Law; Consent to Jurisdiction.</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflict of laws principles
thereof. The Trust hereby consents to the jurisdiction of a state or federal court situated in New York City, New York in connection
with any dispute arising hereunder, and waives to the fullest extent permitted by law its right to a trial by jury. To the extent
that in any jurisdiction the Trust may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution,
attachment (before or after judgment) or other legal process, the Trust irrevocably agrees not to claim, and it hereby waives,
such immunity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Severability.</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby, and
if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all other persons
and circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>No
Waiver.</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
and every right granted to BNY Mellon hereunder or under any other document delivered hereunder or in connection herewith, or
allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of BNY Mellon
to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by
BNY Mellon of any right preclude any other or future exercise thereof or the exercise of any other right.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notices.</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
notices, requests, consents and other communications pursuant to this Agreement in writing shall be sent as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
to the Trust, at</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">250
Montgomery Street, Suite 200</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San
Francisco, California 94104</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
to BNY Mellon, at</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BNY
Mellon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">240
Greenwich Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10286</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
ETF Operations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
a copy to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank of New York Mellon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">240
Greenwich Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10286</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Legal Dept. &ndash; Asset Servicing</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">or
at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Counterparts</U>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original; but such counterparts
together shall constitute only one instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Confidentiality</U>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;Each
party shall keep confidential any information relating to the other party&rsquo;s business (&ldquo;Confidential Information&rdquo;).
Confidential Information shall include (a) any data or information that is competitively sensitive material, and not generally
known to the public, including, but not limited to, information about product plans, marketing strategies, finances, operations,
customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance results relating
to the past, present or future business activities of the Trust or BNY Mellon and their respective subsidiaries and affiliated
companies; (b) any scientific or technical information, design, process, procedure, formula, or improvement that is commercially
valuable and secret in the sense that its confidentiality affords the Trust or BNY Mellon a competitive advantage over its competitors;
(c) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software, source code, object
code, flow charts, databases, inventions, know-how, and trade secrets, whether or not patentable or copyrightable; and (d) anything
designated as confidential. Notwithstanding the foregoing, information shall not be Confidential Information and shall not be
subject to such confidentiality obligations if it: (a) is already known to the receiving party at the time it is obtained; (b)
is or becomes publicly known or available through no wrongful act of the receiving party; (c) is rightfully received from a third
party who, to the best of the receiving party&rsquo;s knowledge, is not under a duty of confidentiality; (d) is released by the
protected party to a third party without restriction; (e) is requested or required to be disclosed by the receiving party pursuant
to a court order, subpoena, governmental or regulatory agency request or law; (f) is relevant to the defense of any claim or cause
of action asserted against the receiving party; (g) is Trust information provided by BNY Mellon in connection with an independent
third party compliance or other review; (h) is released in connection with the provision of services under this Agreement; or
(i) has been or is independently developed or obtained by the receiving party. The provisions of this Section 20 shall survive
termination of this Agreement for a period of one (1) year after such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
The Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its
affiliates and subsidiaries in multiple jurisdictions (the &ldquo;BNY Mellon Group&rdquo;). The BNY Mellon Group may
centralize functions including audit, accounting, risk, legal, compliance, sales, administration, product communication,
relationship management, storage, compilation and analysis of customer-related data, and other functions (the
&ldquo;Centralized Functions&rdquo;) in one or more affiliates, subsidiaries and third-party service providers. Solely in
connection with the Centralized Functions, (i) the Trust consents to the disclosure of and authorizes BNY Mellon to disclose
information regarding the Trust (&ldquo;Customer-Related Data&rdquo;) to the BNY Mellon Group and to its third-party service
providers who are subject to confidentiality obligations with respect to such information and (ii) BNY Mellon may store the
names and business contact information of the Trust&rsquo;s employees and representatives on the systems or in the records of
the BNY Mellon Group or its service providers. The BNY Mellon Group may aggregate Customer-Related Data with other data
collected and/or calculated by the BNY Mellon Group, and notwithstanding anything in this Agreement to the contrary the BNY
Mellon Group will own all such aggregated data, provided that the BNY Mellon Group shall not distribute the aggregated data
in a format that identifies Customer-Related Data with a particular customer. The Trust confirms that it is authorized
to consent to the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Non-Solicitation</U>.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the term of this Agreement and for one (1) year thereafter, the Trust shall not (with the exceptions noted in the immediately
succeeding sentence) knowingly solicit or recruit for employment or hire any of BNY Mellon&rsquo;s employees, and the Trust shall
cause the Trust&rsquo;s Sponsor and any affiliates of the Trust to not (with the exceptions noted in the immediately succeeding
sentence) knowingly solicit or recruit for employment or hire any of BNY Mellon&rsquo;s employees. To &ldquo;knowingly&rdquo;
solicit, recruit or hire within the meaning of this provision does not include, and therefore does not prohibit, solicitation,
recruitment or hiring of a BNY Mellon employee by the Trust, the Sponsor or an affiliate of the Trust if the BNY Mellon employee
was identified by such entity solely as a result of the BNY Mellon employee&rsquo;s response to <B><I>a</I></B> general advertisement
by such entity in a publication of trade or industry interest or other similar general solicitation by such entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
page follows.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXECUTION COPY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">IN
WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by their duly authorized officers and
their seals to be hereunto affixed, all as of the latest date set forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BITWISE
ETHEREUM ETF</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:
BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the Bitwise Ethereum ETF</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 5%; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD><TD STYLE="text-align: justify; width: 45%; border-bottom: Black 1pt solid"><IMG SRC="ex106002.jpg" ALT=""></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD><TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paul
Fusaro</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD><TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
Operating Officer</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
5/23/2024</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="text-align: justify; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
BANK OF NEW YORK MELLON</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 5%; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD><TD STYLE="text-align: justify; width: 45%; border-bottom: Black 1pt solid"><IMG SRC="ex106003.jpg" ALT=""></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD><TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicole Fouron</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD><TD STYLE="text-align: justify; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Director</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD><TD STYLE="text-align: justify; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
24, 2024</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>EXHIBIT
A</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I,
Bitwise Investment Advisers, LLC (&ldquo;Sponsor&rdquo;), in my capacity as Sponsor of Bitwise Ethereum ETF, a Delaware statutory
trust (the &ldquo;Trust&rdquo;), do hereby certify that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following individuals serve in the following positions with the Sponsor in its capacity as Sponsor of the Trust, and each has
been duly elected or appointed by the Sponsor on behalf of the Trust to each such position and qualified therefore in conformity
with the Trust&rsquo;s Organizational Documents, and the signatures set forth opposite their respective names are their true and
correct signatures. Each such person is designated as an Authorized Person under the Fund Administration and Accounting Agreement
dated as of May 23, 2024, between the Trust and The Bank of New York Mellon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 25%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</FONT></TD><TD STYLE="text-align: justify; width: 35%; padding-left: 0.375in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Position </FONT></TD>
                                                                                                                                                                  <TD STYLE="text-align: justify; width: 40%; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                                                                                                                                                  <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hunter Horsley </FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Treasurer</FONT></TD>
<TD STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">Paul &ldquo;Teddy&rdquo; Fusaro</TD>
                            <TD STYLE="text-align: justify; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Operating Officer and <BR>
Secretary</FONT></TD>
                            <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">&nbsp;</TD>
                            <TD STYLE="text-align: justify">&nbsp;</TD>
                            <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify">Katherine Dowling</TD>
<TD STYLE="text-align: justify; text-indent: -0.125in; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Counsel, Chief <BR>
Compliance Officer and <BR>
Vice President</FONT></TD>
<TD STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>SCHEDULE
I</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Schedule
of Services</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
services provided in this Schedule of Services are subject to the review and approval of the appropriate Trust officers, Trust
counsel and accountants of the Trust, as may be applicable. The services included on this Schedule of Services may be provided
by BNY Mellon or a BNY Mellon Affiliate, collectively referred to herein as &ldquo;BNY Mellon&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>VALUATION
AND COMPUTATION ACCOUNTING SERVICES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BNY
Mellon shall provide the following valuation and computation accounting services for the Trust:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 94.65pt"></TD><TD STYLE="width: 14.7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&#9632;</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Journalize
investment, capital share and income and expense activities;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 94.65pt"></TD><TD STYLE="width: 14.7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&#9632;</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintain
individual ledgers for Trust assets;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 94.65pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 14.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&#9632;</I></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintain
                                         certain financial books and records for the Trust, including creation and redemption
                                         books and records, and Trust accounting records;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 94.65pt"></TD><TD STYLE="width: 14.7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&#9632;</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintain
historical tax lots for Trust assets;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 94.65pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 14.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&#9632;</I></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconcile
                                         cash (if applicable) and investment balances of the Trust with the Trust&rsquo;s custodian;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 94.65pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 14.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&#9632;</I></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculate
                                         various contractual expenses;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 94.65pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 14.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&#9632;</I></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculate
                                         capital gains and losses;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 94.65pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 14.7pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&#9632;</I></FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Obtain
                                         quotes from pricing services as directed and approved by the Sponsor, or if such quotes
                                         are unavailable, then obtain such prices from the Sponsor, and in either case, calculate
                                         the market value of the Trust&rsquo;s assets in accordance with the Trust&rsquo;s valuation
                                         policies or guidelines; provided, however, that BNY Mellon shall not under any circumstances
                                         be under a duty to independently price or value any of the Trust&rsquo;s assets itself
                                         or to confirm or validate any information or valuation provided by the Sponsor or any
                                         other pricing source, nor shall BNY Mellon have any liability relating to inaccuracies
                                         or otherwise with respect to such information or valuations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 94.65pt"></TD><TD STYLE="width: 14.7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&#9632;</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compute
net asset value, calculated in the manner described in the Trust&rsquo;s Offering Materials;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 94.65pt"></TD><TD STYLE="width: 14.7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&#9632;</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transmit
or make available a copy of the daily portfolio valuation to the Sponsor;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 94.65pt"></TD><TD STYLE="width: 14.7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&#9632;</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Publish
basket to NSCC on each day on which trading occurs on the primary exchange on which the Trust&rsquo;s shares trade.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>FINANCIAL
REPORTING</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BNY
Mellon shall provide the following financial reporting services for the Trust:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 94.65pt"></TD><TD STYLE="width: 14.7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&#9632;</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Financial
Statement Preparation &amp; Review</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 129.5pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 16.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare
                                         financial statements for the Trust;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 129.5pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 16.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare
                                         the Trust&rsquo;s periodic shareholder reports, including certain information furnished
                                         by the Trust to BNY Mellon, as required pursuant to the Securities and Exchange Act of
                                         1934; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 129.5pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 16.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare,
                                         circulate and maintain the Trust&rsquo;s financial reporting production calendar;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>TAX
SERVICES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BNY
Mellon shall provide the following tax services for the Trust:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare
annual grantor trust tax reporting statements for client review and approval.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>FUND
ADMINISTRATION SERVICES</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BNY
Mellon shall provide the following fund administration services for the Trust:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 93pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 16.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Establish
                                         appropriate expense accruals and compute expense ratios, maintain expense files and coordinate
                                         the payment of Trust approved invoices;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 93pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 16.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculate
                                         Trust approved income and per share amounts required for periodic distributions to be
                                         made by the Trust;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 94.65pt"></TD><TD STYLE="width: 14.7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculate
total return information;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 94.65pt"></TD><TD STYLE="width: 14.7pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coordinate
                                         the Trust&rsquo;s annual audit;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 93pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 16.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9632;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supply
                                         various normal and customary portfolio and Trust statistical data as requested on an
                                         ongoing basis; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IRS
CIRCULAR 230 DISCLOSURE:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
ensure compliance with requirements imposed by the Internal Revenue Service, BNY Mellon informs the Trust that any U.S. tax advice
contained in any communication from BNY Mellon to the Trust (including any future communications) is not intended or written to
be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing
or recommending to another party any transaction or matter addressed herein or therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



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<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>11
<FILENAME>ex10-7.htm
<DESCRIPTION>TRANSFER AGENCY AND SERVICE AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="bitwise-s1a_053124.htm">Bitwise Ethereum ETF S-1/A</A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.7</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 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="width: 20%; text-align: center">&nbsp;<IMG SRC="ex107001.jpg" ALT=""></TD>
    <TD STYLE="width: 80%; text-align: right; vertical-align: bottom">EXECUTION COPY</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: #868686; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
BANK OF NEW YORK MELLON</FONT></P>

<P STYLE="color: #868686; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -31pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRANSFER
AGENCY AND SERVICE AGREEMENT</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
AGREEMENT is made as of the 23<SUP>rd</SUP> day of May, 2024, by and between Bitwise Ethereum ETF (hereinafter the &ldquo;Trust&rdquo;),
a Delaware Statutory Trust, having its principal office and place of business at 250 Montgomery Street, Suite 200, San Francisco,
California 94104 and THE BANK OF NEW YORK MELLON, a New York corporation authorized to do a banking business having its principal
office and place of business at 240 Greenwich Street, New York, New York 10286 (the &ldquo;Bank&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Trust will ordinarily issue for purchase and redeem shares of the Trust (the &ldquo;Shares) only in aggregations of Shares
known as &ldquo;Creation Units&rdquo; (currently 10,000 shares) (each a &ldquo;Creation Unit&rdquo;) principally in kind;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York (&ldquo;DTC&rdquo;),
or its nominee (Cede &amp; Co.), will be the registered owner (the &ldquo;Shareholder&rdquo;) of all Shares; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Trust desires to appoint the Bank as its transfer agent, dividend disbursing agent, and agent in connection with certain other
activities, and the Bank desires to accept such appointment;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Terms of Appointment; Duties of the Bank</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1&nbsp;&nbsp;Subject
to the terms and conditions set forth in this Agreement, the Trust hereby employs and appoints the Bank to act as, and the Bank
agrees to act as, its transfer agent for the authorized and issued Shares, and as the Trust&rsquo;s dividend disbursing agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2&nbsp;&nbsp;Pursuant to such appointment, the Bank agrees that it will perform the following services:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In accordance with the terms and conditions of this Agreement and the Authorized Participant Agreements prepared by the Trust&rsquo;s
distributor (&ldquo;Distributor&rdquo;), a copy of which is attached hereto as Exhibit A, the Bank shall:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perform and facilitate the performance of purchases and redemption of Creation Units;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepare
and transmit by means of DTC&rsquo;s book-entry system payments for dividends and distributions on or with respect to the
Shares, if any, declared by the Trust;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintain the record of the name and address of the Shareholder and the number of Shares issued by the Trust and held by the Shareholder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record the issuance of Shares of the Trust and maintain a record of the total number of Shares of the Trust which are outstanding
and authorized, based upon data provided to it by the Trust. The Bank shall have no obligation, when recording the issuance of
Shares, to monitor the issuance of such Shares or to take cognizance of any laws relating to the issue or sale of such Shares,
which functions shall be the sole responsibility of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: right">EXECUTION
COPY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepare
and transmit to the Trust and the Trust&rsquo;s administrator and to any applicable securities exchange (as specified to the Bank
by the Trust or its administrator) information with respect to purchases and redemptions of Shares;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
days that the Trust may accept orders for purchases or redemptions, calculate and transmit to the Distributor and the Trust&rsquo;s
administrator the number of outstanding Shares;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On days that the Trust may accept orders for purchases or redemptions (pursuant to the Authorized Participant Agreement), transmit
to the Bank, the Trust and DTC the amount of Shares purchased on such day;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confirm to DTC the number of Shares issued to the Shareholder, as DTC may reasonably request;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepare and deliver other reports, information and documents to DTC as DTC may reasonably request;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extend the voting rights to the Shareholder for extension by DTC to DTC participants and the beneficial owners of Shares in accordance
with policies and procedures of DTC for book-entry only securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribute or maintain, as directed by the Trust, amounts related to purchases and redemptions of Creation Units, dividends and
distributions, variation margin on derivative securities and collateral;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintain those books and records of the Trust specified by the Trust in Schedule A attached hereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepare a monthly report of all purchases and redemptions of Shares during such month on a gross transaction basis, and identify
on a daily basis the net number of Shares either redeemed or purchased on such Business Day and with respect to each Authorized
Participant (as defined in each Authorized Participant Agreement) purchasing or redeeming Shares, the amount of Shares purchased
or redeemed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive from the Distributor (as defined in the Authorized Participant Agreement) or from its agent purchase orders from Authorized
Participants for Creation Unit Aggregations of Shares received in good form and accepted by or on behalf of the Trust by the Distributor,
transmit appropriate trade instructions to the National Securities Clearance Corporation, if applicable, and pursuant to such
orders issue the appropriate number of Shares of the Trust and hold such Shares in the account of the Shareholder of the Trust;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive
from the Authorized Participants redemption requests, deliver the appropriate documentation thereof to the Trust&rsquo;s sponsor
with respect to redemptions for cash and for redemptions in-kind, generate and transmit or cause to be generated and transmitted
confirmation of receipt of such redemption requests to the Authorized Participants submitting the same; transmit appropriate trade
instructions to the National Securities Clearance Corporation, if applicable, and redeem the appropriate number of Creation Unit
Aggregations of Shares held in the account of the Shareholder; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confirm the name, U.S taxpayer identification number and principle place of business of each Authorized Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: right">EXECUTION
COPY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank may execute transactions directly with Authorized Participants to the extent necessary or appropriate to enable the Bank
to carry out any of the duties set forth in items (i) through (xvi) above. The Trust will be responsible for confirming the receipt
of assets in connection with creation activity and the withdrawal of assets in connection with redemption activity prior to the
creation or redemption of Creation Units by the Bank. The Bank has no responsibility to independently verify the accuracy of such
information provided to it by the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xviii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise instructed by the Trust, the Bank shall process all transactions for the Trust in accordance with the policies
and procedures mutually agreed upon between the Trust and the Bank with respect to the proper net asset value to be applied to
purchases received in good order by the Bank or from an Authorized Participant before any cut-offs established by the Trust, and
such other matters set forth in items (i) through (xvi) above as these policies and procedures are intended to address.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;The Bank may maintain and manage, as agent for the Trust, such accounts as the Bank shall deem necessary for the performance of
its duties under this Agreement, including, but not limited to, the processing of Creation Unit purchases and redemptions; and
the payment of dividends and distributions. The Bank may maintain such accounts at financial institutions deemed appropriate by
the Bank in accordance with applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;In addition to the services set forth in the above sub-section 1.2(a), the Bank shall: perform the customary services of a transfer
agent and dividend disbursing agent including, but not limited to, maintaining the account of the Shareholder, maintaining the
items set forth on Schedule A attached hereto, and performing such services identified in each Participant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;The following shall be delivered to DTC participants as identified by DTC as the Shareholder for book-entry only securities:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 109pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual and semi-annual reports of the Trust;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 109pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 109pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust proxies, proxy statements and other proxy soliciting materials;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 109pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust prospectus and amendments and supplements thereto, including stickers; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other communications as the Trust may from time to time identify as required by law or as the Trust may reasonably request</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bank shall provide additional services, if any, as may be agreed upon in writing by the Trust and the Bank.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;The
Bank shall keep records relating to the services to be performed hereunder, in the form and manner to the extent required by Section
31 of the Investment Company Act of 1940 and the rules thereunder (the &ldquo;Rules&rdquo;) as if the Trust was subject to such
Rules, all such books and records shall be the property of the Trust, will be preserved, maintained and made available in accordance
with such Section and Rules, and will be surrendered promptly to the Trust on and in accordance with its request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;It is understood and agreed by the parties hereto that under no circumstances will the services performed by the Bank pursuant
to this Agreement include any service, function or activity that would constitute a &ldquo;virtual currency business activity&rdquo;
for purposes of the regulations issued by the Superintendent of the New York State Department of Financial Services (23 N.Y.C.R.R.
Part 200).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: right">EXECUTION
COPY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Fees
and Expenses</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&nbsp;The Bank shall receive from the Trust such compensation for its services provided pursuant to this Agreement as may be agreed
to from time to time in a written fee schedule approved by the parties. The fees are accrued daily and billed monthly and shall
be due and payable upon receipt of the invoice. Upon the termination of this Agreement before the end of any month, the fee for
the part of the month before such termination shall be prorated according to the proportion which such part bears to the full
monthly period and shall be payable upon the date of termination of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2&nbsp;In addition to the fee paid under Section 2.1 above, the Trust agrees to reimburse the Bank for reasonable out-of-pocket expenses,
including but not limited to confirmation production, postage, forms, telephone, microfilm, microfiche, tabulating proxies, records
storage, or advances incurred by the Bank for the items set out in the fee schedule or relating to dividend distributions and
reports (whereas all expenses related to creations and redemptions of Trust securities shall be borne by the relevant Authorized
Participant in such creations and redemptions). In addition, any other expenses incurred by the Bank at the request or with the
consent of the Trust, will be reimbursed by the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3&nbsp;The Trust agrees to pay all fees and reimbursable expenses within ten business days following the receipt of the respective billing
notice accompanied by supporting documentation, as appropriate. Postage for mailing of dividends, proxies, Trust reports and other
mailings to all shareholder accounts shall be advanced to the Bank by the Trust at least seven (7) days prior to the mailing date
of such materials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4&nbsp;The
Trust hereby represents and warrants to the Bank that (i) the terms of this Agreement, (ii) the fees and expenses associated with
this Agreement, and (iii) any benefits accruing to the Bank or to the adviser to, or sponsor of, the Trust in connection with
this Agreement, including, but not limited to, any fee waivers, reimbursements, or payments made, or to be made, by the Bank to
such adviser or sponsor or to any affiliate of the Trust relating to this Agreement have been fully disclosed to the Trust or
the Trust&rsquo;s sponsor and that, if required by applicable law, the Trust or the Trust&rsquo;s sponsor has approved or will
approve the terms of this Agreement, and any such fees, expenses, and benefits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Representations
and Warranties of the Bank</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 73pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank represents and warrants to the Trust that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 73pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is a banking company duly organized and existing and in good standing under the laws of the State of New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 73pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is duly qualified to carry on its business in the State of New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 73pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is empowered under applicable laws and by its Charter and By-Laws to act as transfer agent and dividend disbursing agent and to
enter into, and perform its obligations under, this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations
under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: right">EXECUTION
COPY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Representations
and Warranties of the Trust</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 73pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Trust represents and warrants to the Bank that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 73pt; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 73pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is duly organized and existing and in good standing under the laws of Delaware.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 73pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is empowered under applicable laws and by its Declaration of Trust and Trust Agreement to enter into and perform this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
registration statement under the Securities Act of 1933, as amended, on behalf of the Trust has become effective, will remain
effective, and appropriate state securities law filings have been made and will continue to be made, with respect to all Shares
of the Trust being offered for sale.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Indemnification</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1&nbsp;&nbsp;&nbsp;
The Bank shall not be responsible for, and the Trust shall indemnify and hold the Bank and its directors, officers, employees
and agents harmless from and against, any and all losses, damages, costs, charges, counsel fees, including, without limitation,
those incurred by the Bank in a successful defense of any claims by the Trust, payments, expenses and liability (&ldquo;Losses&rdquo;)
which may be sustained or incurred by or which may be asserted against the Bank in connection with or relating to this Agreement
or the Bank&rsquo;s actions or omissions with respect to this Agreement, or as a result of acting upon any instructions reasonably
believed by the Bank to have been duly authorized by the Trust or upon reasonable reliance of information or records given or
made by the Trust; except for any Losses for which the Bank has accepted liability pursuant to Article 6 of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2&nbsp;&nbsp;&nbsp;&nbsp;
This indemnification provision shall apply to actions taken or omissions pursuant to this Agreement or a Participant Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Standard
of Care and Limitation of Liability</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank shall have no responsibility and shall not be liable for any Losses, except that the Bank shall be liable to the Trust for
direct money damages caused by its own gross negligence or willful misconduct or that of its employees. The parties agree that
any encoding or payment processing errors shall be governed by this standard of care, and not Section 4-209 of the Uniform Commercial
Code which shall be superseded by this Article. In no event shall the Bank be liable for special, indirect or consequential damages,
regardless of the form of action and even if the same were foreseeable. For purposes of this Agreement, none of the following
shall be or be deemed a breach of the Bank&rsquo;s standard or care:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;
The conclusive reliance on or use by the Bank or its agents or subcontractors of information, records, documents or services which
(i) are received by the Bank or its agents or subcontractors, and (ii) have been prepared, maintained or performed by the Trust
or any other person or firm on behalf of the Trust including but not limited to any previous transfer agent or registrar.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;
The conclusive reliance on, or the carrying out by the Bank or its agents or subcontractors of, any instructions or requests of
the Trust or instructions or requests on behalf of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;
The offer or sale of Shares by or for the Trust in violation of any requirement under the federal securities laws or regulations,
or the securities laws or regulations of any state that such Shares be registered in such state, or any violation of any stop
order or other determination or ruling by any federal agency, or by any state with respect to the offer or sale of Shares in such
state.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: right">EXECUTION
COPY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Concerning
the Bank</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt">7.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;
The Bank may employ agents or attorneys-in-fact which are not affiliates of the Bank with the prior written consent of the Trust
(which consent shall not be unreasonably withheld), and shall not be liable for any loss or expense arising out of, or in connection
with, the actions or omissions to act of such agents or attorneys-in-fact, provided that the Bank acts in good faith and with
reasonable care in the selection and retention of such agents or attorneys-in-fact.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;
The Bank may, without the prior consent of the Trust, enter into subcontracts, agreements and understandings with any Bank affiliate,
whenever and on such terms and conditions as it deems necessary or appropriate to perform its services hereunder. No such subcontract,
agreement or understanding shall discharge Bank from its obligations hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.2&nbsp;&nbsp;The Bank shall be entitled to conclusively rely upon any written or oral instruction actually received by the Bank and reasonably
believed by the Bank to be duly authorized and delivered. The Trust agrees to forward to the Bank written instructions confirming
oral instructions by the close of business of the same day that such oral instructions are given to the Bank. The Trust agrees
that the fact that such confirming written instructions are not received or that contrary written instructions are received by
the Bank shall in no way affect the validity or enforceability of transactions authorized by such oral instructions and effected
by the Bank.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.3&nbsp;&nbsp;The
Bank shall establish and maintain a disaster recovery plan and back-up system at all times satisfying the requirements of its
regulators (the &ldquo;Disaster Recovery Plan and Back-Up System&rdquo;). The Bank shall not be responsible or liable for any
failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly,
by circumstances beyond its control which are not a result of its gross negligence, including without limitation, acts of God;
earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruption, loss or malfunctions
of transportation, computer (hardware or software) or communication services; labor disputes; acts of civil or military authority;
governmental actions; or inability to obtain labor, material, equipment or transportation, provided that the Bank has established
and is maintaining the Disaster Recovery Plan and Back-Up System, or if not, that such delay or failure would have occurred even
if the Bank had established and was maintaining the Disaster Recovery Plan and Back-Up System. Upon the occurrence of any such
delay or failure the Bank shall use commercially reasonable best efforts to resume performance as soon as practicable under the
circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.4&nbsp;&nbsp;The Bank shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth
in this Agreement and the Participation Agreement, and no covenant or obligation shall be implied against the Bank in connection
with this Agreement, except as set forth in this Agreement and the Participation Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.5&nbsp;&nbsp;At
any time the Bank may apply to an officer of the Trust, but is not obligated to do so, for written instructions with respect to
any matter arising in connection with the Bank&rsquo;s duties and obligations under this Agreement, and the Bank, its agents,
and subcontractors shall not be liable for any action taken or omitted to be taken in good faith in accordance with such instructions.
Such application by the Bank for instructions from an officer of the Trust may, at the option of the Bank, set forth in writing
any action proposed to be taken or omitted to be taken by the Bank with respect to its duties or obligations under this Agreement
and the date on and/or after which such action shall be taken, and the Bank shall not be liable for any action taken or omitted
to be taken in accordance with a proposal included in any such application on or after the date specified therein unless, prior
to taking or omitting to take any such action, the Bank has received written or oral instructions in response to such application
specifying the action to be taken or omitted. In connection with the foregoing, the Bank may consult with legal counsel of its
own choosing, but is not obligated to do so, and advise the Trust if any instructions provided by the Trust at the request of
the Bank pursuant to this Article or otherwise would, to the Bank&rsquo;s knowledge, cause the Bank to take any action or omit
to take any action contrary to any law, rule, regulation or commercially reasonable practice for similarly situated service providers.
In the event a situation or circumstance arises whereby the Bank adopts a course of conduct in reliance upon written legal advice
it has received (which need not be a formal opinion of counsel) and the course of conduct is not identical to the course of conduct
contained in the instructions received from the Trust, the Bank may reply upon and follow the written legal advice without liability
hereunder provided it otherwise acts in compliance with this Agreement and notifies the Trust of its determination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: right">EXECUTION
COPY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.6&nbsp;
The Bank, its agents and subcontractors may act upon any paper or document, reasonably believed to be genuine and to have been
signed by the proper person or persons, or upon any instruction, information, data, records or documents provided to the Bank
or its agents or subcontractors by or on behalf of the Trust by machine readable input, telex, CRT data entry or other similar
means authorized by the Trust, and shall not be held to have notice of any change of authority of any person, until receipt of
written notice thereof from the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.7&nbsp;The
Bank shall retain title to and ownership of any and all data bases, computer programs, screen formats, report formats, interactive
design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise, patents,
copyrights, trade secrets, and other related legal rights utilized by the Bank in connection with the services provided by the
Bank hereunder. Notwithstanding the foregoing, the parties hereto acknowledge that the Trust shall retain all ownership rights
in Trust data residing on the Bank&rsquo;s electronic system.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.8&nbsp;Notwithstanding any provisions of this Agreement to the contrary, the Bank shall be under no duty or obligation to inquire into,
and shall not be liable for:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;The legality of the issue, sale or transfer of any Shares, the sufficiency of the amount to be received in connection therewith,
or the authority of the Trust to request such issuance, sale or transfer;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;The legality of the purchase of any Shares, the sufficiency of the amount to be paid in connection therewith, or the authority
of the Trust to request such purchase;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;The legality of the declaration of any dividend by the Trust, or the legality of the issue of any Shares in payment of any stock
dividend; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 73pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;The legality of any recapitalization or readjustment of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 73pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Providing of Documents by the Trust and Transfers of Shares</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1&nbsp;The Trust shall promptly furnish to the Bank with a copy of its Declaration of Trust and Trust Agreement and all amendments thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.2&nbsp;In the event that DTC ceases to be the Shareholder, the Bank shall re-register the Shares in the name of the successor to DTC
as Shareholder upon receipt by the Bank of such documentation and assurances as it may reasonably require.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.3&nbsp;The Bank shall have no responsibility whatsoever with respect to of any beneficial interest in any of the Shares owned by the
Shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: right">EXECUTION
COPY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.4&nbsp;The Trust shall deliver to the Bank the following documents on or before the effective date of any increase, decrease or other
change in the total number of Shares authorized to be issued:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;A certified copy of the amendment to the Trust&rsquo;s Declaration of Trust and Trust Agreement with respect to such increase,
decrease or change; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;An opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to (i) the validity of the Shares, the obtaining
of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under
the Securities Act of 1933, as amended, and any other applicable federal law or regulations <U>(i.e.,</U> if subject to registration,
that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore),
and (ii) the due and proper listing of the Shares on all applicable securities exchanges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.5&nbsp;
Prior to the issuance of any additional Shares pursuant to stock dividends, stock splits or otherwise, and prior to any reduction
in the number of Shares outstanding, the Trust shall deliver to the Bank:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;A certified copy of the order or consent of each governmental or regulatory authority required by law as a prerequisite to the
issuance or reduction of such Shares, as the case may be, and an opinion of counsel for the Trust that no other order or consent
is required; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;An opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to (i) the validity of the Shares, the obtaining
of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under
the Securities Act of 1933, as amended, and any other applicable federal law or regulations <U>(i.e.,</U> if subject to registration,
that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore),
and (ii) the due and proper listing of the Shares on all applicable securities exchanges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.6&nbsp;&nbsp;The
Bank and the Trust agree that all books, records, confidential, non-public, or proprietary information and data pertaining to
the business of the other party which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement
shall remain confidential, and shall not be voluntarily disclosed to any person other than its auditors, accountants, regulators,
employees, agents, attorneys-in-fact or counsel, except as may be, or may become required by law, by administrative or judicial
order or by rule. The foregoing confidentiality obligation shall not apply to any information to the extent: (i) it is already
known to the receiving party at the time it is obtained; (ii) it is or becomes publicly known or available through no wrongful
act of the receiving party: (iii) it is rightfully received from a third party who, to the receiving party&rsquo;s knowledge,
is not under a duty of confidentiality; (iv) it is released by the protected party to a third party without restriction; or (v)
it has been or is independently developed or obtained by the receiving party without reference to the information provided by
the protected party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.7&nbsp;&nbsp;In case of any requests or demands for the inspection of the Shareholder records of the Trust, the Bank will promptly employ reasonable
commercial efforts to notify the Trust and secure instructions from an authorized officer of the Trust as to such inspection.
The Bank reserves the right, however, to exhibit the Shareholder records to any person whenever it is advised by its counsel that
it may be held liable for the failure to exhibit the Shareholder records to such person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Termination
of Agreement</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1&nbsp;The
term of this Agreement shall be three years commencing upon regulatory approval by the U.S. Securities and Exchange Commission
permitting shares of the Trust to be offered for sale (the &ldquo;Initial Term&rdquo;) and shall automatically renew for additional
one-year terms (each a &ldquo;Subsequent Term&rdquo;) unless either party provides written notice of termination at least ninety
(90) days prior to the end of the Initial Term or any Subsequent Term or, unless earlier terminated as provided below:</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;Either party hereto may terminate this Agreement prior to the expiration of the Initial Term in the event the other party breaches
any material provision of this Agreement, including, without limitation in the case of the Trust, its obligations under Section
2.1, provided that the non-breaching party gives written notice of such breach to the breaching party and the breaching party
does not cure such violation within 90 days of receipt of such notice.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: right">EXECUTION
COPY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;Either party hereto may terminate this Agreement immediately by sending notice thereof to the other party upon the happening of
any of the following: (i) a party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law,
or there is commenced against such party any such case or proceeding; (ii) a party commences as debtor any case or proceeding
seeking the appointment of a receiver, conservator, trustee, custodian or similar official for such party or any substantial part
of its property or there is commenced against the party any such case or proceeding; (iii) a party makes a general assignment
for the benefit of creditors; or (iv) a party states in any medium, written, electronic or otherwise, any public communication
or in any other public manner its inability to pay debts as they come due. Either party hereto may exercise its termination right
under this Section 9.1(b) at any time after the occurrence of any of the foregoing events notwithstanding that such event may
cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other
extinguishment of that right.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;The Trust may terminate this Agreement at any time upon ninety (90) days&rsquo; prior written notice in the event that the Trust&rsquo;s
sponsor determines to liquidate the Trust. The Bank may terminate this Agreement at any time upon ninety (90) days&rsquo; written
notice for any reason.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 73pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2&nbsp;Should the Trust exercise its right to terminate, all out-of-pocket expenses associated with the movement of records and material
will be borne by the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3&nbsp;The terms of Article 2 (with respect to fees and expenses incurred prior to termination), Article 5 and Article 6 shall survive
any termination of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Additional
Series</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the Trust establishes one or more additional series of Shares with respect to which it desires to have the Bank
render services as transfer agent under the terms hereof, it shall so notify the Bank in writing, and if the Bank agrees in writing
to provide such services, such additional issuance shall become Shares hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 19pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Assignment</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither this Agreement nor any rights or obligations hereunder may be assigned by either party without the written consent of
the other party; provided, however, either party may assign this Agreement to a party controlling, controlled by or under common
control with it.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall inure to the benefit of and be binding upon the parties and their respective permitted successors and assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Severability
and Beneficiaries</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the
validity, the legality and enforceability of the remaining provisions shall not in any way be affected thereby provided obligation
of the Trust to pay is conditioned upon provision of services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: right">EXECUTION
COPY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2&nbsp;&nbsp;This Agreement is solely for the benefit of the Bank and the Trust, and none of any Authorized Participant (as defined in the
Authorized Participant Agreement), the Distributor, any Shareholder or beneficial owner of any Shares shall be or be deemed a
third party beneficiary of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Amendment</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement may be amended or modified by a written agreement executed by both parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>New
York Law to Apply</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of
laws principles thereof. The Trust and the Bank hereby consent to the jurisdiction of a state or federal court situated in New
York City, New York in connection with any dispute arising hereunder. The Trust hereby irrevocably waives, to the fullest extent
permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought
in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient forum. The Trust
and the Bank each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating
to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Merger
of Agreement</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject
matter hereof whether oral or written.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notices</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
notices and other communications as required or permitted hereunder shall be in writing and sent by first class mail, postage
prepaid, addressed as follows or to such other address or addresses of which the respective party shall have notified the other.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to the Bank:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank of New York Mellon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">240
Greenwich Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10286</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
ETF Operations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
a copy to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank of New York Mellon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">240
Greenwich Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10286</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Legal Dept. &ndash; Asset Servicing</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 38pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: right">EXECUTION
COPY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
to the Trust:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">250
Montgomery Street, Suite 200</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San
Francisco, California 94104</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Information
Sharing</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates
and subsidiaries in multiple jurisdictions (the &ldquo;BNY Mellon Group&rdquo;). The BNY Mellon Group may centralize functions
including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage,
compilation and analysis of customer-related data, and other functions (the &ldquo;Centralized Functions&rdquo;) in one or more
affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) the Trust
consents to the disclosure of and authorizes the Bank to disclose information regarding the Trust (&ldquo;Customer-Related Data&rdquo;)
to the BNY Mellon Group and to its third-party service providers who are subject to confidentiality obligations with respect to
such information and (ii) the Bank may store the names and business contact information of the Trust&rsquo;s employees and representatives
on the systems or in the records of the BNY Mellon Group or its service providers. The BNY Mellon Group may aggregate Customer-Related
Data with other data collected and/or calculated by the BNY Mellon Group, and notwithstanding anything in this Agreement to the
contrary the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon Group shall not distribute the aggregated
data in a format that identifies Customer-Related Data with a particular customer. The Trust confirms that it is authorized to
consent to the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Counterparts</U></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement may be executed by the parties hereto in any number of counterparts, and all of said counterparts taken together shall
be deemed to constitute one and the same instrument.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
page follows.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 238pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: right">EXECUTION
COPY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through
their duly authorized officers, as of the latest date set forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</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="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left; font-weight: bold"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>BITWISE ETHEREUM ETF&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the Bitwise Ethereum ETF&nbsp;</FONT></P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-weight: bold; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-weight: bold; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="ex107002.jpg" ALT=""></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Name: </FONT></TD>
    <TD STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Paul Fusaro</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-weight: bold; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-weight: bold; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-weight: bold; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Title: </FONT></TD>
    <TD STYLE="text-align: left; font-weight: bold; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Chief Operating Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Date:
    5/23/2024</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 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="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: left; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THE BANK OF NEW YORK MELLON</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">By:</TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-weight: bold; border-bottom: Black 1pt solid"><IMG SRC="ex107003.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Name: </FONT></TD>
    <TD STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Nicole Fouron</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-weight: bold; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-weight: bold; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-weight: bold; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Title: </FONT></TD>
    <TD STYLE="text-align: left; font-weight: bold; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Managing Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-weight: bold"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">Date: </FONT> <FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">May 24, 2024</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: right">EXECUTION
COPY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>SCHEDULE
A</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Books
And Records To Be Maintained By The Bank</U></B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Source
Documents requesting Creations and Redemptions (including dates and times of orders)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Correspondence/AP
Inquiries</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliations,
bank statements, copies of canceled checks, cash proofs</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daily/Monthly
reconciliation of outstanding Shares between the Trust and DTC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
Records</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year-end
Statements and Tax Forms</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: right">EXECUTION
COPY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 109pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>EXHIBIT
A</U></B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
of Authorized Participant Agreement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 194pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>12
<FILENAME>ex23-1.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="bitwise-s1a_053124.htm">Bitwise Ethereum ETF S-1/A</A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0"><B>Exhibit 23.1</B></P>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="bitwise-001.jpg" ALT="" STYLE="width: 95px; height: 39px">&nbsp;</P>

<P STYLE="margin: 0 0 0 2in"><FONT STYLE="font-size: 8pt">KPMG LLP</FONT></P>

<P STYLE="margin: 0 0 0 2in"><FONT STYLE="font-size: 8pt">345 Park Avenue</FONT></P>

<P STYLE="margin: 0 0 0 2in"><FONT STYLE="font-size: 8pt">New York, NY 10154-0102</FONT></P>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Consent of Independent Registered Public Accounting Firm</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">We consent to the use of our report dated May 31, 2024, with respect to the statement
of assets and liabilities (in organization) of Bitwise Ethereum ETF, as of May 28, 2024, and to the reference to our firm under the heading
&ldquo;Experts&rdquo; in the Registration Statement on Form S-1.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0 0 0 70%"><IMG SRC="bitwise-003.jpg" ALT="" STYLE="width: 129px; height: 27px">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">New York, New York</P>

<P STYLE="margin: 0">May 31, 2024</P>

<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0 25%"><FONT STYLE="font-size: 8pt; color: Gray">KPMG LLP, a Delaware limited liability partnership and a member firm of
the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited
by guarantee.</FONT></P>



<P STYLE="margin: 0 30%"></P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>13
<FILENAME>ex107.htm
<DESCRIPTION>FILING FEE TABLE
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="bitwise-s1a_053124.htm">Bitwise Ethereum ETF S-1/A</A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit&nbsp;107</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Calculation
of Filing Fee Tables</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-1<BR>
(Form Type)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitwise
Ethereum ETF<BR>
(Exact Name of Registrant as Specified in Its Charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Table
1 &mdash; Newly Registered and Carry Forward Securities</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security
    Type</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security
    Class Title</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fee
    Calculation or Carry Forward Rule</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
    Registered</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed
    Maximum Offering Price Per Unit</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maximum
    Aggregate Offering Price</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fee
    Rate</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
    of Registration Fee</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Carry
    Forward Form Type</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Carry
    Forward File Number</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Carry
    Forward Initial Effective Date</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Filing
    Fee Previously Paid in Connection with Unsold Securities to</B><BR>
    <B>Be Carried Forward</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Newly
    Registered Securities</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees
    to Be Paid</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange-Traded<BR>
    Vehicle Securities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitwise
    Ethereum ETF</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">457(u)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indeterminate
    Amount of Securities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees
    Previously Paid</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange-Traded<BR>
    Vehicle Securities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitwise
    Ethereum ETF</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Carry
    Forward Securities</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carry
    Forward Securities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Offering Amounts</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Fees Previously Paid</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Fee Offsets</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Fee Due</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.9pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 7%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 1pt">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         amended registration statement covers an indeterminate amount of securities to be offered
                                         or sold and the filing fee will be calculated and paid in accordance with Rule 456(d)
                                         and Rule 457(u).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
                                         to the effect of this amendment to the registration statement, the registration statement
                                         contemplated the registration of securities up to a maximum aggregate offering price.
                                         The proposed maximum aggregate offering price was previously estimated solely for the
                                         purposes of calculating the amount of registration fee pursuant to Rule 457(d).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>



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<DOCUMENT>
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begin 644 bitwise-003.jpg
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<DOCUMENT>
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<DOCUMENT>
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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
