| Investment Objective: |
The Morgan Stanley Ethereum Trust (the "Trust") is an exchange-traded fund that issues common shares of beneficial interest (the "Shares") that trade on NYSE Arca, Inc. (the "Exchange"). The Trust's investment objective is to seek to track the performance of ether, as measured by the performance of the CoinDesk Ether Benchmark 4PM NY Settlement Rate (the "Pricing Benchmark"), adjusted for the Trust's expenses and other liabilities and to reflect rewards from staking a portion of the Trust's ether, to the extent the Delegated Sponsor in its sole discretion determines that the Trust may do so without incurring undue legal or regulatory risk, including, without limitation, any risk to the Trust's qualification as a grantor trust for U.S. federal income tax purposes. The Pricing Benchmark is calculated by CoinDesk Indices, Inc. (the "Benchmark Provider"). The Pricing Benchmark is designed to reflect the performance of ether in U.S. dollars. The Shares of the Trust are valued daily based on the Pricing Benchmark. In seeking to achieve its investment objective, the Trust will hold ether. |
