The investment seeks to track the performance of ether, as measured by the performance of the CME CF Ether-Dollar Reference Rate — New York Variant, adjusted for the Trust’s expenses and other liabilities. The index is calculated by CF Benchmarks Ltd. based on an aggregation of executed trade flow of major ether spot exchanges. The index is designed to reflect the performance of ether in U.S. dollars. In seeking to achieve its investment objective, the trust will hold ether.