Bitwise Ethereum ETF (ETHW) is an Ethereum fund that invests directly in Ether, the world's second-largest cryptocurrency. ETHW offers investors low-cost exposure to Ether's price through a professionally managed fund, mitigating the costs, complexities, and custody issues associated with direct Ether ownership. Launched on July 22, 2024, ETHW's holdings are valued daily based on the CME CF Ether Reference Rate — New York Variant. This pricing benchmark, calculated by CF Benchmarks Ltd., aggregates executed trade flows from major Ether trading platforms. 10% of ETHW profits are donated to Protocol Guild and PBS Foundation to support Ethereum open-source development.