HiENS4 is an NFTETF (Non-Fungible Token Exchange Traded Fund) token that is backed by the 4-digit ENS (Ethereum Name Service) NFTs (Non-Fungible Tokens). One HiENS4 token represents 1/1,000,000 ENS4 in an on-chain ENS4 Meta-swap pool operating automatically on the Fracton Protocol's smart contracts. No one has the authority to control them, and it's also permissionless for users to redeem ENS4 NFTs from HiENS4 tokens with only a 0.6% redemption fee.