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EZET on CBOE

Franklin Ethereum Trust

American commodity contracts brokers and dealers company based in Wilmington2

In its 2026 annual report the company says: “The Trust currently offers a single series, the Franklin Ethereum ETF.”5 Its shares trade on CBOE under the symbol EZET.2

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Last updated Oct 21, 2026.

Overview

-$8.1MNet income, fiscal 20263

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  • TickerEZET on CBOE2
  • IndustryCommodity Contracts Brokers & Dealers2
  • HeadquartersWilmington, United States2
  • Incorporated inDE4
  • Business addressOne Franklin Parkway, San Mateo, Ca 944034
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company4
  • Legal formFund2
  • Kind of organizationFund2
  • LEI254900BBW68HAA490F662
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O Delaware Trust Company, 19808 Wilmington, United States2
  • Registered withSecurities and Exchange Commission, 00020115352

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The Franklin Ethereum Trust (the “Trust”) was formed as a Delaware statutory trust on February 8, 2024, and is governed by the provisions of an Amended and Restated Agreement and Declaration of Trust, as amended (“Declaration of Trust”), dated as of May 30, 2024. The Trust currently offers a single series, the Franklin Ethereum ETF (the “Fund”). The Fund issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of the Fund. The Shares are listed on the Cboe BZX Exchange, Inc. (“Cboe BZX Exchange” or the “Exchange”) under the symbol “EZET.” Shares are not obligations of, and are not guaranteed by, the Sponsor or any of its subsidiaries or affiliates.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

-12.0%Return on equity3

Financial statements

Fiscal year202420252026
Net income-$8.1M3

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Corporate structure

Franklin Ethereum Trust sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Franklin Ethereum Trust Wilmington, Delaware, United States
    • Franklin Ethereum ETF Fund · San Mateo, California, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0). Each entity in the chart links to its source.

Timeline

  1. May 8, 20268-K Executive or director change9
  2. Feb 8, 2024Founded Franklin Ethereum Trust is founded2

Filings

58 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 1 major events, 48 other. The latest 20:

  1. Aug 14, 202610-Q EDGAR
  2. Jun 29, 2026424I EDGAR
  3. Jun 29, 202610-K EDGAR
  4. May 8, 20268-K EDGAR
  5. Feb 17, 202610-Q EDGAR
  6. Dec 17, 2025FWP EDGAR
  7. Nov 13, 202510-Q EDGAR
  8. Oct 27, 2025FWP EDGAR
  9. Sep 4, 2025FWP EZET FWP 09.04.25 EDGAR
  10. Aug 14, 202510-Q EDGAR
  11. Jun 30, 202510-K EDGAR
  12. Jun 26, 2025424I EDGAR
  13. Jun 24, 2025FWP EDGAR
  14. Apr 11, 2025FWP EDGAR
  15. Mar 12, 2025FWP EDGAR
  16. Feb 12, 202510-Q EDGAR
  17. Dec 9, 2024FWP EDGAR
  18. Nov 12, 202410-Q EDGAR
  19. Sep 6, 2024FWP EDGAR
  20. Aug 21, 2024FWP EDGAR

The 58 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Cetera Investment Advisers66,791$799.2K0.0%+6,439
Meitav Investment House Ltd55,626$665.6K0.0%+2,778
FAS Wealth Partners, Inc.24,785$296.6K0.0%No change
Gw Henssler & Associates Ltd12,046$144.1K0.0%New
Jacobs Equity LLC10,463$125.2K0.1%New
Sanctuary Advisors, LLC10,262$122.8K0.0%New
Fiduciary Financial Advisors3,265$39.1K0.0%New
Geneos Wealth Management Inc.1,932$23.1K0.0%No change
Morgan Stanley1,200$14.4K0.0%No change
Farther Finance Advisors, LLC711$8.5K0.0%+5
CENTRAL TRUST Co672$8.0K0.0%No change
Glassman Wealth Services190$2.3K0.0%No change
EverSource Wealth Advisors, LLC121$1.4K0.0%No change
Smartleaf Asset Management LLC85$1.0K0.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Franklin Ethereum Trust is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFranklin Ethereum Trust1
  • CIK0002011535
  • Employer ID (EIN)99-62687695
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsMarch 311
  • Industry code (SIC)6221 Commodity Contracts Brokers & Dealers1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business addressOne Franklin Parkway, San Mateo, CA 944031
  • Phone(650) 312-20001
  • Shares outstanding2,700,000 as of Aug 3, 20268
  • Public float$91.6M as of Sep 30, 20255
  • AuditorPricewaterhouseCoopers LLP, San Francisco, California PCAOB ID 238; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceFeb 12, 20241
  • Filings58 in all: FWP (32), 10-Q (7), S-1/A (4), CORRESP (3), 10-K (2), 424I (2), UPLOAD (2), 424B3 (1)1
    All 13 form types

    8-A12B (1), 8-K (1), CERT (1), EFFECT (1), S-1 (1)

  • Latest filingsAnnual report (10-K) Jun 29, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Latest 8-K (8-K) May 8, 2026

Securities registered for trading

ClassSymbolExchange
Franklin Ethereum ETF SharesEZETCboe BZX Exchange, Inc.

From the cover page of the 10-K filed Jun 29, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Franklin Ethereum Trust names in Item 1A of its 10-K filed Jun 29, 2026: 80 risks under these headings, as written.5

  • 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.
  • The value of the Shares is subject to a number of factors relating to the fundamental investment characteristics of ether as a digital asset, including the fact that digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies such as the Ethereum blockchain.
  • Digital assets represent a new and rapidly evolving industry, and the value of the Shares depends on the acceptance of ether.
  • 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’s ability to grow and respond to challenges.
  • Potential amendments to the Ethereum network’s protocols and software could, if accepted and authorized by the Ethereum network community, adversely affect the value of an investment in the Fund.
  • 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 negatively affect the value of an investment in the Fund.
  • Digital asset networks face significant scaling challenges and efforts to increase the volume and speed of transactions may not be successful.
  • 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.
  • 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.
  • If a malicious actor or botnet obtains control of more than 33% 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 or botnet could delay or manipulate the Ethereum blockchain, which could adversely affect the value of the Shares or the ability of the Fund to operate.
  • Liquid staking applications pose centralization concerns.
  • A temporary or permanent “fork” could adversely affect the value of the Shares.
The other 68 risks
  • Shareholders will not receive the benefits of any Incidental Rights and any IR Virtual Currency, including any forked or airdropped assets.
  • In the event of a hard fork of the Ethereum network, the Sponsor will, if permitted by the terms of the Declaration of Trust, use its discretion to determine which network should be considered the appropriate network for the Fund’s purposes, and in doing so may adversely affect the value of the Shares.
  • Any name change and any associated rebranding initiative by the core developers, users or validators of ether or the Ethereum network may not be favorably received by the digital asset community, which could negatively impact the value of ether and the value of the Shares.
  • 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.
  • Validators may suffer losses due to staking, or staking may prove unattractive to validators, which could make the Ethereum network less attractive.
  • 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.
  • Unlike some digital assets, which have a limit on outstanding supply, there is no limit on ether supply.
  • The value of the Shares relates directly to the value of ether which has been in the past, and may continue to be, highly volatile and subject to fluctuations due to a number of factors.
  • Because the Fund holds only ether and cash, an investment in the Fund may be more volatile than an investment in a more broadly diversified portfolio.
  • Due to the relative unregulated nature and lack of transparency surrounding the operations of digital asset platforms, which may experience fraud, manipulation, security failures or operational problems, as well as the wider ether market, the value of ether and, consequently, the value of the Shares may be adversely affected, causing losses to Shareholders.
  • Risk of loss of market confidence due to lack of established regulatory framework.
  • Risk of manipulative activity (e.g., wash trading, front running or other fraudulent practices).
  • Risks related to platform bankruptcy, failure or closure, including as a result of criminal fraud, cyber attacks or other security breaches.
  • Reputational harm and related industry contagion effects may exacerbate negative events in the digital asset markets or digital platforms.
  • The Index has a limited performance history, the Index price could fail to track the global ether price, a failure of the Index price could adversely affect the value of the Shares, and the Index’s methodology may be subject to change.
  • The Index price used to calculate the value of the Fund’s ether may be volatile, adversely affecting the value of the Shares.
  • The Index Administrator could experience system failures or errors.
  • The Index price being used to determine the net asset value of the Fund may not be consistent with GAAP. To the extent that the Fund’s financial statements are determined using a different pricing source that is consistent with GAAP, the net asset value reported in the Fund’s periodic financial statements may differ, in some cases significantly, from the Fund’s net asset value determined using the Index pricing.
  • Competition from central bank digital currencies (“CBDCs”) and emerging payments initiatives involving financial institutions could adversely affect the value of ether and other digital assets.
  • Prices of ether may be affected due to stablecoins (including Tether and US Dollar Coin (“USDC”)), the activities of stablecoin issuers and their regulatory treatment.
  • 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.
  • Competitive pressures may negatively affect the ability of the Fund to maintain substantial assets and achieve long-term commercial success.
  • Digital asset treasury companies may exacerbate volatility in digital asset markets.
  • Operational cost may exceed the award for validating transaction, and increased transaction fees may adversely affect the usage of the Ethereum network.
  • The SEC has approved generic listing standards for commodity-based trust shares and may approve other applications under Rule 19b-4 of the Exchange Act to list competing digital asset backed investment vehicles as exchange-traded products, which could reduce demand for, and the price of, ether and adversely impact the value of the Shares.
  • If regulators or public utilities take actions that restrict or otherwise impact validator activities, such actions could result in decreased security of a digital asset network, including the Ethereum network, which could adversely affect the value of the Shares.
  • The Fund may be negatively impacted by the effects of the spread of illnesses or other public health emergencies on the global economy and the markets and service providers relevant to the performance of the Fund.
  • The Fund will rely on the information and technology systems of the Custodians, Administrator, Trustee, Sponsor, Authorized Participants, Ether Trading Counterparties, listing exchange, and the Fund’s other service providers and counterparties (referred to herein as the “Service Providers”), each of which could be directly or indirectly adversely affected by information systems interruptions, cybersecurity incidents or other disruptions, which in turn could have a material adverse effect on the Fund.
  • The amount of the Fund’s assets represented by each Share will decline over time as the Fund pays the Sponsor’s Fee and additional expenses borne by the Fund, and as a result, the value of the Shares may decrease over time.
  • The Fund is a passive investment vehicle that does not seek to generate returns beyond tracking the price of ether. The Fund is not actively managed, does not seek to generate excess returns beyond tracking the price of ether and will be adversely affected by a general decline in the price of ether.
  • The value of the Shares may be influenced by a variety of factors unrelated to the value of ether.
  • The liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants or Ether Trading Counterparties.
  • The Fund and the Shares may be negatively affected by Authorized Participant Concentration.
  • Certain shareholders may from time to time own a substantial amount of the Fund's Shares.
  • The Fund is an “emerging growth company” and it cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make the Shares less attractive to investors.
  • The Fund is subject to certain risks due to its concentration in only ether.
  • The lack of an active trading market for the Shares may result in losses on your investment at the time of disposition of your Shares.
  • The lack of ability to facilitate in-kind creations and redemptions of Shares could have adverse consequences for the Fund.
  • If the process of creation and redemption of Creation Units encounters any unanticipated difficulties, the possibility for arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of ether may not exist and, as a result, the price of the Shares may fall or otherwise diverge from NAV.
  • To the extent applicable, the Fund’s use of cash creations and redemptions, in contrast to other types of exchange-traded products that transact in-kind, may adversely affect the arbitrage transactions by Authorized Participants intended to keep the price of the Shares closely linked to the price of ether and, as a result, the price of the Shares may fall or otherwise diverge from NAV.
  • As an owner of Shares, you will not have the rights normally associated with ownership of other types of shares.
  • The Sponsor may amend the Declaration of Trust without the consent of the Shareholders.
  • Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act or the protections afforded by the CEA.
  • As the Sponsor and its management have limited history of operating investment vehicles like the Fund, their experience may be inadequate or unsuitable to manage the affairs of the Fund.
  • Security threats to the Fund’s account at the Ether Custodian could result in the halting of Fund operations and a loss of Fund assets or damage to the reputation of the Fund, each of which could result in a reduction in the value of the Shares.
  • Ether transactions are irrevocable and stolen or incorrectly transferred ether may be irretrievable. As a result, any incorrectly executed ether transactions could adversely affect the value of the Shares.
  • If the Custodian Agreement, Prime Broker Agreement, an Authorized Participant Agreement or Ether Trading Counterparty Agreement is terminated or the Ether Custodian, Prime Broker, an Authorized Participant or an Ether Trading Counterparty fails to provide services as required, the Sponsor may need to find and appoint a replacement custodian, prime broker, authorized participant or ether trading counterparty, which could pose a challenge to the safekeeping of the Fund’s ether, the Fund’s ability to create and redeem shares and the Fund’s ability to continue to operate may be adversely affected.
  • The lack of full insurance and Shareholders’ limited rights of legal recourse against the Fund, Trustee, Sponsor, Administrator, Cash Custodian, Prime Broker and Ether Custodian expose the Fund and its Shareholders to the risk of loss of the Fund’s ether for which no person or entity is liable.
  • If the Trade Credits are not available or become exhausted, the Fund may face delays in buying or selling ether that may adversely impact Shareholders; if the Fund does not repay the Trade Credits on time, its assets may be liquidated by the Trade Credit Lender and its affiliates.
  • Loss of a critical banking relationship for, or the failure of a bank used by, the Prime Broker could adversely impact the Fund’s ability to create or redeem Creation Units, or could cause losses to the Fund.
  • The Prime Broker routes orders through Connected Trading Venues in connection with trading services under the Prime Broker Agreement. The loss or failure of any such Connected Trading Venues may adversely affect the Prime Broker’s business and cause losses for the Fund.
  • The Fund may be terminated and liquidated at a time that is disadvantageous to Shareholders.
  • The Declaration of Trust includes provisions that limit Shareholders’ voting rights and the ability to participate in shareholder derivative actions.
  • The non-exclusive jurisdiction for certain types of actions and proceedings and waiver of trial by jury clauses set forth in the Declaration of Trust may have the effect of limiting a Shareholder’s rights to bring legal action against the Trust and could limit a purchaser’s ability to obtain a favorable judicial forum for disputes with the Trust.
  • The Sponsor is solely responsible for determining the value of the net asset value of the Fund, and any errors, discontinuance or changes in such valuation calculations may have an adverse effect on the value of the Shares.
  • Extraordinary expenses resulting from unanticipated events may become payable by the Fund, adversely affecting the value of the Shares.
  • The Fund’s delivery or sale of ether to pay expenses or otherwise in connection with operations of the Fund could result in Shareholders incurring tax liability without an associated distribution from the Fund.
  • The value of the Shares will be adversely affected if the Fund is required to indemnify the Sponsor, the Trustee, the Administrator, the Ether Custodian or the Cash Custodian pursuant to its contractual arrangements.
  • Digital asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of ether or the Shares, such as by banning, restricting or imposing onerous conditions or prohibitions on the use of ether, validator activity, digital wallets, the provision of services related to trading and custodying ether, the operation of the Ethereum network, or the digital asset markets generally.
  • A determination that ether or any other digital asset is a “security” may adversely affect the value of Ether and the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Fund.
  • Competing industries may have more influence with policymakers than the digital asset industry, which could lead to the adoption of laws and regulations that are harmful to the digital asset industry.
  • Regulatory changes or actions in foreign jurisdictions may affect the value of the Shares or restrict the use of one or more digital assets, validating activity or the operation of their networks or the digital asset platform market in a manner that adversely affects the value of the Shares.
  • If regulators subject the Fund or the Sponsor to regulation as a money services business (“MSB”) or money transmitter, this could result in extraordinary expenses to the Fund or the Sponsor and also result in decreased liquidity for the Shares.
  • Anonymity and illicit financing risk.
  • Regulatory changes or interpretations could obligate an Authorized Participant, the Fund, the Trust, or the Sponsor or other Fund service providers to register and comply with new regulations, resulting in potentially extraordinary, nonrecurring expenses to the Fund.
  • The treatment of the Fund for U.S. federal income tax purposes is uncertain.
  • The treatment of digital currency for U.S. federal income tax purposes is uncertain.
  • Future developments regarding the treatment of digital currency for U.S. federal income tax purposes could adversely affect the value of the Shares.

Legal proceedings

Legal Proceedings

From time to time, the Trust and/or the Fund may be a party to certain legal proceedings in the ordinary course of business. As of June 29, 2026, the Trust and the Fund are not subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against the Trust or Fund.

The opening of Item 3, Legal Proceedings.5

Sources

The numbers on this page point here. Each one links to the record it came from.

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