TO BE COMPLETED BY TRANSFER AGENT Sample Clauses

TO BE COMPLETED BY TRANSFER AGENT. This certifies that the above order has been: ☐ Accepted ☐ Declined -Reason: ____________________________________________ Date Time Authorized Signature

TO BE COMPLETED BY TRANSFER AGENT. This certifies that the above order has been: o Accepted o Declined -Reason: ________________________________________ Date Time Authorized Signature This document (the “Procedures”) supplements the Registration Statement with respect to the procedures to be used by (i) the Transfer Agent and Sponsor in processing orders for the purchase of Baskets of the Trust (“Creation Orders”) and (ii) the Transfer Agent in processing orders redeeming Baskets of the Trust (“Redemption Orders,” and together with Creation Orders, “Orders”). Each Order will specify the number of Baskets being purchased or redeemed. The Authorized Participant is required to have signed this Agreement, of which these Procedures form a part. Capitalized terms used but not defined in these Procedures have the meaning given to them in this Agreement. Upon acceptance by the Trust of the Participant Agreement, the Transfer Agent or Sponsor, as the case may be, will assign a personal identification number (“PIN”) to each Authorized Person authorized to act for the Authorized Participant. This will allow the Authorized Participant through its Authorized Person(s) to place an Order with respect to Baskets. “Basket Cash Component” shall be calculated in the following manner. First, for a Business Day on which any Order is placed (“Trade Date”), the Administrator determines the Creation Basket Deposit (as defined in the Trust Agreement). The Administrator starts determining the number of Ether held by the Trust as of the opening of business on Trade Date, and subtracts the amount of Ether constituting estimated accrued but unpaid fees and expenses of the Trust as of the opening of business on Trade Date. Second, this figure, in Ether, is divided by the quotient of the number of Trust Shares outstanding at the opening of business on Trade Date divided by 25,000. This produces the Creation Basket Deposit, which is the number of Ether attributable to each Basket as of the opening of business on Trade Date. Third, the resulting Ether amount is then valued, in cash, at the MarketVectorTM Ethereum Benchmark Rate (the “Index”) calculated on Trade Date, or in accordance with the other valuation policies described in the Registration Statement if the Index is not available or in the Sponsor’s discretion. The resulting cash amount is the Basket Cash Component, which is calculated on the evening of Trade Date.