Franklin Ethereum Trust

Franklin Ethereum Trust is a Delaware statutory trust that issues the Franklin Ethereum ETF, a listed exchange-traded product designed to provide investors with price exposure to ether through brokerage accounts. The Trust does not operate an operating business in the traditional sense; it holds ether and cash, with shares created and redeemed in large blocks by authorized participants.

— Franklin Ethereum Trust
%
Exchange-traded ether exposure100% The Fund issues listed shares that track the price of ether, net of expenses and liabilities.
Creation and redemption services0% Authorized participants create and redeem shares in large blocks to keep market price aligned with NAV.
Digital asset custody and execution0% The Trust relies on third-party custodians, prime brokerage, and trading counterparties for ether handling and execution.

The Trust’s direct counterparties are authorized participants, registered broker-dealers that create and redeem ETF...

  • Authorized Participantsprimary

    Registered broker-dealers that place creation and redemption orders to keep shares aligned with NAV.

  • Retail investorsprimary

    Individuals buying EZET on Cboe BZX for ether exposure without managing wallets or private keys.

  • Institutional investorsprimary

    Asset managers, advisors, and institutions using the ETF as a regulated ether allocation tool.

  • Market makers and liquidity providerssecondary

    Trading firms that support secondary-market liquidity and arbitrage between ETF shares and ether value.

The Trust is organized in the United States as a Delaware statutory trust and its shares trade on Cboe BZX in the U.S...

  • •U.S.-domiciled Delaware statutory trust
  • •Shares listed on Cboe BZX Exchange in the United States
  • •Custody and trading infrastructure may involve non-U.S. counterparties
  • •Ether price discovery is global, so overseas market conditions matter
  • •No country revenue disclosure is provided in the reports

The Trust’s strategy is to provide a cost-effective, exchange-traded vehicle that closely reflects ether’s price...

01
Maintain tight tracking to ethershort-term

Investor demand depends on the ETF behaving like a clean proxy for ether price exposure.

02
Preserve liquidity and market accessshort-term

Secondary-market trading quality depends on authorized participants and trading counterparties.

03
Reduce operational friction for investorsmedium-term

The product competes by simplifying ether exposure versus direct token ownership.

The Trust is exposed primarily to ether price volatility, which can directly drive large swings in share value and...

critical

Extreme ether price volatility

The Fund’s value is directly linked to ether, so sharp market declines flow through to share value.

Scope
Share price and investor returns
Materiality
high
high

Digital asset custody and private key compromise

Ether is a bearer asset and loss or theft can cause permanent loss of value.

Scope
Custody of ether holdings
Materiality
high
high

Ethereum network or governance failure

Forks, smart contract problems, or governance disputes can reduce confidence in ether.

Scope
Underlying asset thesis
Materiality
high
medium

Stablecoin-related market disruption

The company disclosed that ether prices may be affected by stablecoins and their regulation.

Scope
Ether market pricing and liquidity
Materiality
medium
medium

Dependence on third-party service providers

Administration, custody, prime brokerage, and trading are outsourced to specialized firms.

Scope
Operations and execution quality
Materiality
medium
Fair value measurement of ether
Can materially move assets, liabilities, and period results
Principal market pricing
May create differences between reported and indicative values
Sponsor fee waivers
Reduces reported expenses and affects comparability
Creation and redemption accounting
Affects NAV per share and balance sheet composition

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: 28/04/2026